Fair Work Australia and the ATO have released new Key Rates and Thresholds applicable for the Financial Year 2023. Here are some of the most important ones that affect small businesses. Payroll Key Rates and Thresholds Fair Work Minimum Wage and Award Pay Conditions The National Minimum Wage has increased for FY 2021 by 5.2%. The new Minimum Wage Pay Rates are: $21.38 Hourly Rate (Full-Time Employees*) $812.44 Weekly Salary (Full-Time Employees*) *25% Loading still applies to Casual Employment However, a reduced percentage increase (4.6%) will apply to all Modern Awards. Allowances Laundry and Dry Cleaning Allowance The annual tax-free laundry allowance remains at $150 per annum. Car, Meals and Travel Allowances The cents per km allowance has increased to 75 cents per Km (up to a maximum of 5,000 Km per vehicle). The Overtime Meal Allowance remains at $32.50 per meal. The ATO has not yet updated the rates for the reasonable travel overnight allowances applicable to both metropolitan cities and country centres. Once they publish the update, we will update the link on this page. ATO – Car Km Allowances ATO – Dry Cleaning and Laundry Allowances ATO – Overnight Travel Allowances Superannuation Key Rates and Thresholds The percentage of Superannuation Contribution Guarantee has increased to 10.5% of Ordinary Time Earnings. The minimum monthly threshold of $450 per month has been removed as of 1st July 2022. The quarterly superannuation maximum contribution cap has increased for FY 2023 to $60,220 wages per quarter (allowing a maximum amount of Quarterly Superannuation Guarantee Contribution of $6,323.10). The annual Concessional Contribution remains at $27,500 per annum with the ability to carry forward unpaid contributions for a 5 year period. The Annual Non-Concessional Contribution cap will also remain at $110,000. More detailed information on the FY2023 Superannuation increases and future changes...
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Bookkeeping City is an Australian owned and local bookkeeping service in the Melbourne CBD. With a combined business experience of over 10 years in delivering professional services to organisations, sole traders and individuals, we have gained the trust and confidence to provide excellent customer service at competitive prices.
Whether it is daily accounting, payroll or financial reporting, our team are qualified, professional, and passionate about their work.
Our Strengths
Banking
Making sure bank transactions are matched and reconciled.
Payroll Service
Single touch payroll services as required by the ATO.
Accounts Payable and Receivable
Managing invoices overdue and making payments on time.
Cash Flow and Financial Reporting
Keeping track of the money coming in and out and helping you meet your financial goals.
Tax & Super
Preparation of your BAS and SG statements and lodgements.
Training
Assist with the set up of your accounting program (e.g. MYOB) and create procedures to keep track of your accounts.
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1. Let's have a face-to-face meeting to better understand your requirements.
2. Our team will help to select the best bookkeeping services for your business.
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Level 9, 420 Collins Street, Melbourne VIC 3000
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Monday to Friday
(After hours by negotiation)