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Increase in Super Guarantee & Minimum Wage

22 June 2021

On 1 July 2021, the superannuation guarantee and minimum wage will increase.

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Halving of Minimum Pension Draw Down Rates

7 June 2021

An Extension of the Temporary Reduction in Superannuation Minimum Drawdown Rates

In an effort to assist retirees during the coronavirus pandemic, the Government introduced a temporary 50% reduction in superannuation minimum drawdown rates. This reduction was set to end this financial year but has been extended to 30 June 2022 to include the 2021-22 financial year.

Minimum annual payment requirements, calculated on 1 July each year, will be affected by the extension.

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2021-22 Federal Budget: Creating Jobs and Rebuilding the Economy

17 May 2021

On Tuesday 11th May, the Federal Budget was released with a focus on the next stage of the Government’s plan to secure Australia’s recovery from the COVID-19 pandemic.

The Government is proposing to do this with:

  • Personal income tax cuts
  • Business tax incentives
  • New apprenticeships and training places
  • More infrastructure
  • Additional funding for schools, hospitals, aged care, mental health and the NDIS

The theme of this Budget is creating jobs and rebuilding the economy in the form of:

  • $2.7 billion funding for more apprenticeships
  • $1.7 billion additional funding for childcare
  • $500 million for job training and reskilling

 

Key Budget Announcements

Individuals

  • Retaining the low and middle income tax offset in 2021/22
  • Reducing compliance costs for individuals claiming self-education expense deductions
  • Modernising the individual tax residency rules
  • Increasing the Medicare levy low-income thresholds

Business

  • Extending temporary full expensing
  • Extending temporary loss carry-back
  • Tax concession for Australian medical and biotechnology innovations
  • Employee Share Schemes - removing cessation of employment as a taxing point and reducing red tape
  • Increased rights for small business in relation to the collection of disputed debts
  • Supporting development of digital games
  • Tax relief for brewers and distillers
  • ATO early engagement service
  • Changing residency rules for trusts and limited partnerships

Superannuation

  • Repealing the work test
  • Expanding access to downsizer contributions
  • Removing the $450 per month threshold for superannuation guarantee eligibility
  • Relaxing residency requirements for SMSFs
  • First Home Super Saver Scheme - increasing the maximum releasable amount to $50,000

Non Tax Related Measures

  • Providing support for the health system and delivering a comprehensive vaccination program
  • Extension of construction period for HomeBuilder scheme
  • New Home Guarantee Scheme
  • Increasing child care subsidy
  • Increase in Jobseeker
  • Increased funding for pest control

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Boyce Opens Bega Satellite Office

28 April 2021

Boyce have been servicing clients for over 20 years in Bega and the surrounding areas of the South Coast and are excited to now have a physical presence in the area. The satellite office will provide an opportunity to provide increased service and support to the area.

Boyce’s proud heritage is in regional Australia, being the largest independent professional services firm in regional New South Wales. They have been named in the Australian Financial Review’s Top 100 Accounting firms since 2018, while receiving top regional accounting firm on numerous occasions.

Boyce provide insightful business advice across the areas of accounting, consultancy, assurance, financial advisory, management accounting, superannuation strategy, tax consulting and succession planning.

Jono Forrest, a Boyce Director for nearly 20 years said: “We are thrilled to open our satellite office in Bega, it is something we have been looking at for some time. Being here for our clients and part of the local community is what Boyce is all about.”

The new Bega office is located at 4/184-188 Carp Street, Bega.

Boyce are thrilled to announce Alison Smith as the 2020 TQ Employee of Year!

3 December 2020

Judging of the award took place on the 18 November 2020, with 5 outstanding finalists in consideration:

  • Kimberley Dwyer – Cooma
  • Shannon Bow – Dubbo
  • Chloe Montgomery – Goulburn
  • Alison Smith – Moree
  • Paige Deveraux – Wagga

Born and bred in Moree, Alison’s local knowledge, humbleness and genuine care for clients and the team really shone through. Her empathy for clients was a real standout, as was her pride in being part of the Boyce team and the local Moree community.

Approaching 10 years’ service with Boyce, Alison’s team describe her as a mentor in the office and someone who always goes above and beyond to help clients and staff. The team noted their appreciation of Alison’s extensive knowledge base, as well as her calm nature and support, to team and clients, especially during this year’s pandemic.

“Not only is Alison making a contribution in terms of technical client work, she is a great team member and positive ambassador for Boyce,” said Moree Director, Jono Hart.

“Alison shares her knowledge and expertise selflessly and displays a passion for her work that continues to inspire those around her. This award is very much deserved.”

Alison commented, “I am honoured to be chosen as this year’s TQ Employee of the Year, by the Directors and my colleagues. As the award is in recognition of Tony Quirk’s high-level achievements during his time at Boyce, it makes it even more humbling. It is also a huge achievement considering the significant contributions of the other four nominees to Boyce.”

The calibre of finalists was exceptional, and it was particularly exciting to see some of our newer team members being recognised by their peers for their contributions to the success of the Firm.

Please join us in congratulating Alison on becoming our 2020 Tony Quirk Winner.

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