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. […]
To be eligible businesses must have: Annual turnover between $75K and $50M Must have experienced a 30% reduction in turnover compared to an equivalent two weeks in June/July 2019 The cash boost will equal 40% of the weekly payroll Payments of between $1,500 and $10,000 per week Payments will commence in Week 4 of the [...]
The ATO has signalled that cryptocurrency gains and working from home expenses will be among its prime targets in this year’s review of tax returns. The ATO will be taking steps to clarify tax obligations to Australians with cryptocurrency assets over the coming months. This is aimed at addressing the incorrect assumption by many taxpayers [...]
Since 1 July 2020, Australians under the age of 67 (up from the previous 65 years) have been eligible to make voluntary super contributions without needing to meet the work test. The recent Federal Budget 2021 included a proposal to remove the work test requirement for those aged between 67 and 74 for salary sacrifice [...]
1 July marked the start date for a raft of new rules around superannuation, including some affecting self-managed super funds (SMSFs). Most notably, the maximum number of members allowed in an SMSF has been increased from four to six. This change is expected to be useful for a small cohort of SMSF trustees, such as [...]
Most of the ATO’s Single Touch Payroll (STP) concessions will be coming to an end on 1 July 2021. If you have a current concession, you will need to be reporting each pay day through STP by this date. Small employers (with 19 or fewer payees) have so far been exempt from reporting amounts paid [...]
Now is the time to finalise and implement your 2020-21 end of financial year tax plan. With so much financial disruption over the past 12 months, it’s important to make the most of the tax saving measures available to you. Here we consider a range of matters that can be actioned prior to 30 June [...]
On Tuesday night, Treasurer Josh Frydenberg handed down the much anticipated 2021/22 budget. Here is a quick overview of what’s in it for business owners and individuals: Business owners will be pleased to see that various popular business measures introduced in last year’s budget have been extended by another year. These include the full expensing [...]
