ATO support for businesses in difficult times The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. Depending on the business taxpayer’s circumstances, the ATO may be able to: – give the business extra time to pay…

Reminder of superannuation caps indexation for 2022  From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year. The new concessional contributions cap for the 2022 financial year is now $27,500 (increased from $25,000). The new non-concessional (i.e., non-deductible) contributions cap for the 2022 financial year is now $110,000 or…

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…

Please see the link below for the latest realease from the Australian Treasury regarding the Jobkeeper Program Extension until 28 March 2021. Jobkeeper Extension FAQs

Coronavirus: Government’s JobKeeper Payment A major part of the Government’s response to the Coronavirus (or ‘COVID-19’) pandemic is the ‘JobKeeper Payment’ Scheme. The JobKeeper Payment is a wage subsidy that will be paid through the tax system (i.e., it will be administered by the ATO) to eligible businesses impacted by COVID-19. Under the scheme, eligible…

Please find below a link to a JobKeeper FAQs Fact Sheet from the Australian Treasury. You will find information regarding eligibility, as well as how self employed business owners can receive the JobKeeper payment. JobKeeper FAQs PDF  

The Australian Government has announced an enhanced Economic Stimulus package for small to medium businesses who turnover less than $50 million. To help businesses with cash flow, the minimum payment has now increased to $20,000 and the maximum payment has increased to $100,000. Theses sums will be paid into your business BAS Account. The first payment will…

Employers are facing difficult decisions at the moment in dealing with the caronavirus. Please find attached guidance regarding workplace laws from the Fair Work Ombudsman. Coronavirus and Australian workplace laws – Fair Work Ombudsman More information can be found at the fairwork website – www.fairwork.gov.au  

Please find a link to the Media Release from the Prime Minister’s Office outlining the first part of the Australian Government’s Economic Stimulus Package to deal with the Coronavirus. Economic Stimulus Package 12.03.20 The Package has four parts: -Supporting business investment -Providing Cash Flow assistance to help small and medium sized business to stay in…

Lifestyle assets continue to be an ATO audit target The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft. The ATO expects to receive information about assets owned by around…

PAYG and deductions for payments to workers The ATO has reminded business taxpayers they can no longer claim deductions for certain payments to workers if they have not met their PAYG withholding obligations from 1 July 2019. If the PAYG withholding rules require an amount to be withheld, to claim a deduction for most payments…

  Super guarantee opt-out for high income earners now law From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap. If appropriate for them, they should submit the relevant ATO…