Phase 2 of Single Touch Payroll reporting has begun its rollout to employers. 16 new reporting labels and around 100 different codes and reporting options will help shape employee social security, child support and income tax outcomes. STP Phase 2 is aimed at reducing the reporting burden for employers while helping Services Australia to increase the accuracy [...]
The Government has recently announced that they will ensure COVID-19 testing expenses are tax deductible where an employee is required to take a test to attend a place of work. Employers can expect that Fringe Benefits Tax will not apply if they provide COVID-19 tests to their employees for this purpose. While the measure is [...]
The NSW Government has introduced a $1 billion COVID rescue package for businesses impacted by the past few months' high COVID case numbers and self-imposed lockdowns. Four new measures have been introduced to support businesses affected by restrictions, including financial assistance for the performing arts sector, payroll lump sums, Rapid Antigen Test rebates and commercial tenant and [...]
A lot has changed over the past two years. As business owners take stock, many are questioning whether the business structure they established years ago remains appropriate for their needs, particularly in regard to tax benefits and asset protection. As the business environment and your personal situation evolve, it is wise to review your business [...]
For many business owners, the pandemic has brought forward a renewed interest in succession planning. The disruption has certainly given pause for many to consider how much involvement (if any) they intend to maintain in business, particularly if retirement was already on the radar. Whether you are feeling exhausted after the last two years or [...]
As NSW and the rest of the country begins to reopen, business leaders are focusing on the proactive steps they can take now to operate with greater confidence. Here, we reflect on key lessons learned over the past two years, and consider the focus areas that will help deliver efficiencies, growth and success through the [...]
The ATO is providing additional support to taxpayers who may be experiencing difficulty meeting their tax and Superannuation Guarantee charge obligations for employees because of COVID-19. […]
Since 27 September 2021, the National Employment Standard (NES) introduced ‘casual conversion’ which has provided casual employees with a pathway to becoming permanent employee. However, employer obligations differ for businesses that employe 14 or fewer employees. […]
Employers may need to take an extra step in the ‘stapled’ super fund process from 1 November to comply with choice of fund rules. This extra step relates to new employees who do not supply super fund account details. […]
Directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director identification number (DIN). Directors who fail to comply and do not apply for a DIN may be subject to penalties up to $1,050,000. […]
