In The Loop with Prime [October]
We’ve seen big changes recently, so check out how it affects you. From tax to business to lifestyle, we’ve collected the hottest news to help you stay ahead of the game and always make smart financial moves. In The Loop with Prime has the essential news you need to know.
Tech Boost for Small Businesses
Good news for small businesses has arrived. Your EOFY 2023 taxes just got better. A deduction (~20%) will become available for eligible skills training and digital technology investment. What types of digital devices qualify? Digital e-commerce, digital media and marketing, and digital devices. This move allows businesses to amplify their efforts for up-skilling and training.
Qualifying expenses made from March 29, 2022, to the end of FY23 can be claimed. All expenses need to fall under the following categories:
– Australian Skills Quality Authority (within the meaning of the National Vocational Education and Training Regulator Act 2011)
– Tertiary Education Quality and Standards Agency (within the meaning of the Tertiary Education Quality and Standards Agency Act 2011)
– Victorian Registration and Qualifications Authority (within the meaning of the Education and Training Reform Act 2006 (Vic)
– Training Accreditation Council of Western Australia (within the meaning of the Vocational Education and Training Act 1996 (WA)
There are also criteria for eligible training. It must be external (not provided by the business itself), can’t be on-the-job or in-house training, and must be delivered in-person or online for remote staff. All eligible employees must not be listed as sole traders, individual partners in a business partnership or any other titles related.
For full details, read more.
Toll Relief for NSW
The NSW Government has great plans for commuters to save cash. Toll relief plans are here with savings on vehicle registrations. There are discounts like free or half-price vehicle registration for owners of privately registered vehicles who meet or exceed annual toll thresholds.
How do I know if I qualify? The minimum spend for FY21/22 is $1,462 for free rego and $877 for half-price. Tolls totals must be derived from NSW toll roads and all eligible vehicles must be linked to a single account.
How can I claim my discounted vehicle rego? During the registration renewal process! You’ll need to have purchased a 12-month CTP Green Slip to claim yours. If you fall within the thresholds but have already paid for your registration, you may be eligible for reimbursement.
For the full scoop, click here.
Your Digital Real Estate & Web Domain
A new direct Australian domain [.au] arrived for Australian businesses recently. This move is the biggest advance in Australian cyber real estate to date. Qualifying businesses can register for their matching .au domain now!
Claiming your .au domain is vital before October 3, 2022, when unregistered domains are cited to be released for public purchase. So don’t let the competition edge you out and grab yours today. Why should I grab a new .au domain? Protecting your business starts with avoiding scammers or sneaky competitive moves.
To find out more, go here.
Company Directors Require a DIN
Why is a DIN so important? A unique DIN is a 15-digit number that helps to prevent impersonation or identity fraud. Once you get yours, it’s yours for life. How do I apply? Go online using myGovID, by phone, or submit a paper form. It’s a smart move that improves your safety and security as a director.
Do you have a corporate trustee for your Self-Managed Super Fund (SMSF)? If so, then you’re a Company Director who needs a Director Identification Number (DIN). All company directors need to apply for a DIN by November 30, 2022.
Find out more, here.