Critical information
From 1 July 2022, two important super guarantee (SG) changes will apply to your business. These are:
The rate of SG increasing from 10% to 10.5%
The $450 per month eligibility threshold for when SG is paid is being removed.
Critical information
Ø With the ATO having announced a more hardline approach to discretionary trusts, we detail some good news around the possible retrospectivity of their new approach.
Ø Are you aware of the personal property security register? In your May newsletter, we outline its importance and how it can reduce your risk of property you are thinking of purchasing being repossessed
Ø It’s recommended that employers have in place a human resources (HR) manual. HR manuals document the workplace policies and procedures that will be applied to all employees inside and to a lesser extent outside the workplace.
We're always here to help.
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Critical information
Ø With the FBT year now at an end, we provide a non-exhaustive checklist of some of the main potential fringe benefits employers may have provided their workers throughout the year.
Ø With the ATO flagging a new crackdown on discretionary trust distributions, find out the potential target areas in your April Newsletter.
If you are a ride-sharing driver (such as with Uber) or if you are a rider, there is a raft of tax issues to be aware of from both standpoints. From GST, income tax, deductions, and PAYG withholding…we’ve got it all covered.
We're always here to help.
Critical information
The 2022 Federal Budget was handed down last night. In this special edition of our Client Newsletter, we have summarised some of the main measures that may impact both your business and individual clients, including:
• 20% additional deduction for skills training and digital adoption
• The extension of various apprentice wages subsidies
• An increased income tax offset of up to $1500 for low and middle income earners
• $250 cost of living payment for various welfare recipients
• Further relief for first home buyers
• 50% reduction in fuel excise.
We're always here to help.
Critical information
From 1 July 2022, you will need to pay super to your employees who earn less than $450 per month, provided they meet other eligibility requirements.
Critical information
With unemployment expected to hit historic lows, read about the main tax and super issues when on-boarding workers in your March Newsletter.
With the deadline for March quarter employee superannuation contributions coming up next month, you can streamline the payment process – find out how in your March Newsletter.
Single Touch Payroll 2:
The time has come
In the May 2019 Federal Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information, building on the first stage of STP which was made compulsory for most employers from 1 July 2019.
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Have you obtained your director ID?
Make sure you do.
The director identification number (director ID) regime is now in place with Australia’s newest company directors having to comply first.
Director IDs are a unique 15-digit identifier that a director will apply for once and will keep forever, similar to a tax file number (TFN). A director can only have one director ID and they must use it for all relevant entities.
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Compensation Payments:
Superannuation fund trustees who receive compensation from financial institutions and insurance providers must consider how receipt of these payments may impact a member’s contribution caps.
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On the road.
The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels or spends time living away from home – for work.
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What the new Your Future, Your Super means for you.
Recent legislative reforms to the superannuation arena are set to change the retirement savings landscape for many Australians.
The Federal Government says the Your Future, Your Super reforms will help ensure superannuation works in the best financial interests of all Australians by removing unnecessary waste, increasing accountability and transparency, and providing more flexibility for families and individuals.
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Avoid common mistakes in your business return, and include appropriate income
We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes.
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The tax treatment of cryptocurrency
It’s been more than 10-years since the advent of bitcoin and the term “cryptocurrency” entered the public consciousness. However, neither bitcoin nor the many thousands of cryptocurrencies that have followed have become widely used for payments. Instead, people are more likely to use cryptocurrencies as a speculative high-risk investment class.
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The Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses.
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EOFY tips for your tax plan
The financial year is almost over, but there are still effective strategies you may be able to put in place. The aim is to make sure you pay no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still the case, if not more so, in the on-going COVID-19 environment.
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To make sure you don’t miss any vital fringe benefits tax items, here is a comprehensive checklist.
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Some money is not counted as ‘income’ by the ATO
It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return.
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Update your ABN ... or miss out!
Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support.
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The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating impact of COVID-19 on
the labour market.
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The last Federal Budget carried with it a number of tax changes that were designed to assist the Australian economy recover from the impact of the COVID-19 pandemic.
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