The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas Assistance and benefits provided due to COVID-19 Motor vehicle problem areas Mismatched FBT and income tax amounts Business assets personally used by owners and staff Not lodging FBT returns Salary …
How to set up your Director ID Directors are now required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a …
Divorce, Superannuation and the Gender Divide New legislation will help prevent superannuation assets from being hidden during divorce proceedings. From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court. The recently enacted laws are designed to ensure that there is …
ATO shifts to Digital ATO moves to electronic lodgement of BAS & PAYGI The ATO has recently announced that taxpayers will now receive and need to lodge their activity statements electronically, and paper activity statements will no longer be accepted. Activity statements must now be lodged electronically through one of the following channels: Business Portal …
$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 …
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 »
The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy. For business Business investment Increase and extension of the instant asset write-off Accelerated …
COVID-19 Stimulus Package: What You Need To Know Read More »
The ongoing outbreak of coronavirus poses a number a risks that employers need to be aware of. In this guide we help you understand your obligations to your employees, and various other aspects workplace relations you need to consider when managing your response to the outbreak. employsure_au_2020_coronavirus-guide_clients The information in this guide is of a …
We have designed a walkthrough with screenshots to answer some common questions clients have around the new invoicing platform. As detailed in a previous communication the new system will reduce manual payment reconciliation errors, increase efficiency and provides additional payment options such as Bank Transfer and more in the near future. With robust security, reliable protection …
With the end of the financial year just around the corner what do SMSF trustees need to ensure they sign off on before EOFY? Getting the right amount of money in Making sure members put in the maximum contributions each year is important. This is the time to review those pay slips and statements to check how …
