Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the superannuation guarantee (SG) rate increased by […]
Independent contractors can be individuals, partnerships, trusts, companies, or other entities that provide services to others for a fee. Where independent contractors are individuals who carry out work for a business, there can sometimes be uncertainty about whether the contractor is, in fact, an employee of that business. To avoid this uncertainty and future
Closing Loopholes: Sham Arrangements Read More »
$1,500 JobKeeper Subsidy A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn). Important Dates: From 30 March 2020 for six months For employees employed at and from 1 March 2020 First payments in
Jobkeeper Subsidy and Jobseeker update Read More »
The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. The stimulus measures are not yet legislated. Parliament will reconvene on Monday 23 March.
The Second $66.1 bn Stimulus Package: What You Need To Know Read More »
Salary sacrificing to super allows an employee to forego part of their salary or wages and have the employer contribute this amount to their superannuation fund instead of paying it as cash. It reduces the taxable value of salary or wages, and is therefore beneficial to the employee in both reducing tax payable and increasing
New Rules for Salary Sacrificing Super Read More »
Super Fund Lookup status change for overdue SMSF annual returns From 1 October 2019, if the lodgment of a self-managed super fund (SMSF) annual return is more than two weeks overdue, the status of the SMSF will change on Super Fund Lookup (SFLU). The new status, ‘regulation details removed’, will remain until overdue lodgments are up
Fund Lookup status change for overdue SMSF Annual Returns Read More »
Single Touch Payroll (STP) is an initiative from the ATO to report tax and superannuation information each time you run your payroll and pay your employees. This is the most significant change to business reporting since the introduction of GST back in 2000. Currently employers with 20 or more employees started using STP from July
Do you run a business and are you ready for Single Touch Payroll? Read More »
Thinking of selling your home in the next financial year? You may be able to take advantage of the Downsizer Contribution as passed in the May 2017 budget changes. The basic details are that individuals who are home owners can from the proceeds of sale of their principal place of residence, each contribute up to $300,000
Downsizing Contributions Read More »
An SMSF friendly budget is the good news coming out of the 2018-19 Federal Budget. With SMSF members still working through the wide-reaching and complex superannuation changes which took effect from 1 July 2017, this Federal Budget will provide much needed stability while looking to reduce costs for SMSFs and prove additional flexibility. The key
Government delivers SMSF friendly 2018-19 Federal Budget Read More »
Single Touch Payroll or STP is mandatory from 1 July 2018, for employers with more than 20 employees. For all other employers proposed reforms seek to extend the reporting requirements to all employers by 1 July 2019. To work out if they need to report, employers will need to count the number of employees on
Single Touch Payroll Read More »
