Factor1 Blog
Our Blog contains articles, posts and other materials that have made its way to clients and the public
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Thank you from Factor1
Factor1 is so humbled and honoured to be named as a finalist in the 2023 Australian Accounting Awards.
Published: 01 Jun, 2023
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The Australian Federal Budget 2023-24
Here are some important things about taxes and retirement savings from the Budget that can help people and businesses plan their finances.
Published: 12 May, 2023
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With the Low and Middle-Income Tax Offset gone, we’ll feel the pinch this tax season
Without this offset, your tax bill will be higher this year, so expect a higher tax liability or a much lower tax refund during tax time.
Published: 14 Apr, 2023
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Grants to help affected Primary Producers in Victoria
Two available grants: the Victorian Primary Producer Flood Recovery Grant and the Victorian Rural Landholder Grant.
Published: 04 Apr, 2023
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30% Super Tax on Balances Exceeding $3 Million from 2025
As of 1st July 2025, earnings from super balances exceeding $3 million will increase to 30%.
Published: 22 Mar, 2023
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Single Touch Payroll (STP) Phase 2
Single Touch Payroll (STP) Phase 2 is an expansion of the ATO's payroll reporting system, where you'll be required to report additional information and clarify the payments you make to your employees.
Published: 23 Nov, 2022
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WorkCover Key Dates Reminder 2022/23
For those of you who have employees, here's a friendly reminder of the key dates to submit your certified rateable remuneration to your WorkSafe agent.
Published: 07 Oct, 2022
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$2,000 Small Business Specialist Advice Pathways Grant
New grant for employing small businesses to access professional advice.
Published: 02 Sep, 2022
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.au Direct Domain Names
Register your .au domain name by 20 Sep to avoid losing it to a competitor!
Published: 28 July, 2022
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Claiming deductions for working at home reminder
ATO's shortcut method ended on 30 June 2022. Therefore, please be reminded that if you claim any work from home expenses post 1 July 2022, you will need to keep your receipts.
Published: 01 July, 2022
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Changes to Super Guarantee from 1st July 2022
- Super Guarantee (SG) rate increases from 10% to 10.5%.
- The $450 per month eligibility threshold is being removed.
Published: 31 May, 2022
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TAX RATE GUIDE FOR SMALL BUSINESSES IN AUSTRALIA
Understanding the income tax required for small businesses in Australia will support the organisation and flow of your business activities.
Published: 18 May, 2022
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lodgment planning: q4 2022 deadlines
Start getting organised for the busy fourth quarter by planning now for lodgment and payment deadlines.
Published: 01 Apr, 2022
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Budget 2022-23
With the release of the Federal Budget last night, it's been reported Australians will see a clearer way forward to navigate through the coming financial year.
Published: 30 Mar, 2022
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Tax Deductible Business Expense List
It pays to be aware of all liabilities and any expenses you can file a claim for.
Published: 08 March, 2022
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what is super?
Super is a long-term investment that grows over time.
Published: 16 Feb, 2022
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New Director IDs
A unique identifier that will stay with a director for life, offering greater security
Published: 15 Dec, 2021
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New Stapled Super &
Superannuation Payments Reminder 2021/2022
For employers - Due dates for the current financial year.
Published: 22 Oct, 2021
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How to Prepare Taxes for a Small Business
Small businesses play a huge role in the economy of Australia. According to the ATO ‘they make up more than 99% of all Australian businesses, contribute more than $413 billion to the economy and employ more than 5.5 million people’.
Published: 12 Oct, 2021
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Vic’s Business Costs Assistance Program
Round Four – Construction
Payments between $2000 - $8400 to eligible businesses based on payroll size opens in November.
Published: 06 Oct, 2021
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WorkCover Key Dates Reminder 2021/22
For those of you who have employees, here's a friendly reminder of the key dates to submit your certified rateable remuneration to your WorkSafe agent.
Published: 01 Oct, 2021
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COVID-19 Disaster Payment
For workers, or sole traders who are unable to work due to a COVID-19 public health order.
Published: 21 Sep, 2021
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The 4 Types of Business Structures
When laying the foundations for a profitable business, deciding on the optimal business structure is crucial to your success.
Published: 10 Sep, 2021
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VIC’s Small Business COVID Hardship Fund
Providing $20,000 grants for eligible small and medium businesses that have experienced a reduction in turnover of at least 70%.
Published: 13 Aug, 2021. Updated 08 Sep, 2021
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Vic Business Support Update
New top-ups, grants and support for Victorian businesses.
Published: 23 July, 2021
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Super Guarantee Rate Increased from 9.5% to 10%
On 1 July 2021, the super guarantee rate increased from 9.5% to 10%. The rate is scheduled to progressively increase to 12% by July 2025.
Published: 7 July, 2021
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Circuit Breaker Business Support Package
The Victorian Government recently announced the $250 million Circuit Breaker Business Support Package to assist small to medium businesses and sole traders that are unable to operate due to the recent lockdown.
Published: 1 June, 2021
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Australian Federal Budget 2021-22
A plan to invest rather than reform, stimulate rather than surprise.
Australia’s federal government has handed down a pre-election budget focused on stability and recovery
Published: 12 May, 2021
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Flood Disaster Recovery Small Business Grant
A flood disaster recovery grant of up to $50,000 is now available for eligible small businesses or not-for-profit organisations that have been directly impacted by the NSW Storms and Floods from 19 February 2021 onwards (AGRN 954) or from 10 March 2021 onwards (AGRN 960).
Published: 30 April, 2021
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Jobs Victoria Fund
Wage subsidies of up to $20,000 per employee for eligible employers who hire eligible jobseekers.
Published: 21 April, 2021
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API compatible contact tracing now mandatory for business venues and facilities
QR Code/API compliance amnesty ends 23 April
Contact tracing has now become part of our normal lives to help contact tracers in the event a positive case of coronavirus (COVID-19) is identified.
Published: 31 March, 2021
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Circuit Breaker Action Business Support Package
Financial support to eligible businesses impacted by the recent Circuit Breaker lockdown
When the Victorian Government announced the five-day Circuit Breaker Action on Friday 12 February, many businesses were thrown into limbo with a previously anticipated eventful weekend.
Published: 24 February, 2021
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Scams on the rise
The past year has seen an increase in scams, especially during the pandemic.
Published: 13 January, 2021