A Bill recently introduced into Parliament permanently allows companies to use technology to meet their regulatory requirements, and ensure that companies can continue to meet their obligations amid the uncertainty of the COVID‑19 pandemic.
To assist taxpayers who continue to be affected by COVID-19, the ATO has stated that it will not apply penalties or interest on varied instalments for the 2021/22 income year for excessive variations when the fund has taken reasonable care to estimate its end of year tax.
Newly enacted legislation requires all directors to apply for a new director identification number. This includes directors of corporate trustees or self-managed super funds (SMSFs) and of family trusts.
The ATO is providing additional support to taxpayers having difficulty meeting their tax and Superannuation Guarantee charge obligations for employees because of COVID-19.
Under the Superannuation Guarantee (SG) scheme, employers are required to make quarterly contributions on behalf of their employees, and the due date for the September 2021 quarter is 28 October 2021.
As part of the expansion of Single Touch Payroll (known as STP Phase 2), from 1 January 2022, employers will need to report additional payroll information in their STP reports. The ATO will support employers with the move to STP Phase 2 reporting.
Employers may soon need to do something extra when a new employee starts to work for them.
2021 Taxable Payments Annual Reports (TPARs) are due to be lodged for businesses who have paid contractors to provide the following services: building and construction cleaning courier, delivery or road freight information technology (‘IT’) security, surveillance or investigation
Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022). The new regime will initially require ride-sharing and short term accommodation online platform operators to report transactions they facilitate directly to the ATO.
Employers should have already been reporting through Single Touch Payroll (‘STP’) unless they only have closely held payees, or they are covered by a deferral or exemption. From 1 July 2021, there have been changes to STP reporting for small employers with closely held payees and quarterly reporting for micro employers.