NSW support measures, plus update for payroll tax.

 

A combination of information from the 13-7-21 and the 26-7-21.

 

Superannuation Guarantee Rates Reminder

 

The current superannuation guarantee rates for employees has increased to 10% rate from pay periods ending after 1st July 2021.  This has changed from the 9.5% superannuation guarantee rate used since 2014.

 

‘Mammoth consequences’: ATO’s NALI ruling draws ire from accountants

 

The recent ruling on non-arm’s length income (NALI) in super funds by the ATO will have far-reaching consequences for the superannuation sector, according to industry experts.

 

ATO Small Business Newsroom – July / August

 

The ATO provides information on a large number of business related topics, issues, rules and regulations.  We hope this article will help quickly you keep up to date.

 

Hardship priority processing of tax returns

 

If your business is experiencing financial difficulties due to the latest lockdowns, the Australian Taxation Office (ATO) may be able to help by processing your tax return faster and expediting the release of any refund to you.

 

‘Nowhere to hide’: New gig economy reporting regime set to debut

 

Share economy participants will no longer be able to evade their tax obligations as the government looks to legislate a new compulsory reporting regime.

 

COVID-19 disaster payments to be tax-free: Prime Minister Scott Morrison

 

Prime Minister Scott Morrison has declared that COVID-19 disaster payments will now be tax-free, a policy change that will have ramifications for accountants and their clients, say tax experts.