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.

 

Tax mix to rely more heavily on income tax as the Treasurer ducks austerity

 

The Australian economy is predicted to grow “slower than previously thought” over the next 40 years, as the nation grapples with a tax mix that relies heavily on income tax despite an ageing population.

 

Tax implications – more than one job

 

If you are working two or more jobs casually or have overlapping contract work, you need to be careful to avoid an unexpected end of financial year tax debt.

 

ATO extends Division 7A COVID-19 relief

 

The Tax Office has extended relief for taxpayers who are unable to meet the minimum yearly repayments on Division 7A loans due to COVID-19.

 

Super transfer balance cap increase from 1 July 2021

 

This year will be the first indexation increase of the $1.6 million pension limit.

 

ATO extends STP finalisation due date

 

Employers have been given additional time to complete their Single Touch Payroll finalisation declaration this year as the ATO recognises the ongoing impacts of COVID-19.

 

Home Office & end of 2021 tax year

 

In a Covid-ravaged financial year, small business owners need consider what actions now can benefit in saving income tax. Taxpayers with the best records often have the best deductions.