Blogs

JULY 2021 NEWSLETTER

Super guarantee contribution due date for June 2021 quarter

 

The due date for employers to make super guarantee contributions for their employees for the June 2021 quarter is 28 July 2021.

Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2021 is 9.5%, but the super guarantee rate is 10% in relation to salary and wages paid  from 1 July 2021 (even if they are paid in relation to work performed before that date).

June 2021 Newsletter

We have finally come to the end of another financial year, so if you have not done your 2020 Tax Returns, please get them to us as soon as you can before the ATO starts chasing. Those of you running businesses, you may consider tax planning before June 30 to help you save some dollars in tax. Book a time with us to discuss.

 

Cryptocurrency under the microscope this tax time

 

May 2021 Newsletter

We are fast approaching the end to a financial year as all 2020 lodgements are due in May. For those who have outstanding prior year returns please get them to us as soon as possible before the ATO comes chasing you to avoid any penalties.

Now is the time to look at your tax situation for the upcoming year and to try and put some strategies in place to reduce your tax. If you wish to discuss any of this please feel free to give me a call.

 

Government proposal to modernise business communications

 

April 2021 Newsletter

JobKeeper comes to an end

 

The ATO has advised that the final JobKeeper payment will be processed in April 2021.

Enrolled businesses do not have to do anything when the program closes, although they will need to complete their final March monthly business declaration by 14 April 2021.

Also, once a business is no longer claiming JobKeeper Payments, it may start to be eligible to receive the JobMaker Hiring Credit for any additional employees that started employment on or after 7 October 2020.

 

March 2021 Newsletter

Changes to STP reporting concessions from 1 July 2021

Small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ payees through Single Touch Payroll ('STP').  Also, a quarterly STP reporting option applies to micro employers (four or fewer employees).  These concessions will end on 30 June 2021.

The STP reporting changes that apply for these employers from 1 July 2021 are outlined below.

 

 

Closely held payees (small employers)

January/February 2021 Newsletter

New measures applying from 1 January 2021

The Government has provided an update of a number of new measures which came into effect from 1 January 2021, including (among others):

December 2020 Newsletter

December 2020 Newsletter

 

Christmas and New Years

November 2020 Newsletter

NOVEMBER 2020

 

Tax cuts pass Parliament

The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure passage of legislation containing some of the important measures very shortly afterwards, as summarised below.

 

 

Tax relief for individuals

The Government brought forward 'Stage two' of their Personal Income Tax Plan by two years, so that, from 1 July 2020:

October 2020 Newsletter

Special COVID-19 Superannuation Condition of Release Extended

 

Regulations that extend the time frame of the special condition of release to access $10,000 from superannuation for individuals experiencing financial difficulties due to COVID-19 have been formally registered.

The ability to withdraw up to $10,000 from superannuation (if certain conditions are met) was initially set to expire on 24 September 2020. 

August 2020 Newsletter

Extension of the JobKeeper Payment

 

Sadly, many Australian businesses are a long way from trending back to 'normal' as we approach 27 September 2020, the original date that JobKeeper was set to end.  Thankfully the government has announced an extension of the JobKeeper Payment, with additional turnover qualifications.

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