ATO support for businesses in difficult times
The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship.
Permanent changes to AGMs and electronic communications
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.
ATO to assist PAYG taxpayers affected by COVID-19
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.
All directors required to have a Director Identification Number
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.
Additional ATO support during COVID-19
The ATO is providing additional support to taxpayers having difficulty meeting their tax and Superannuation Guarantee charge obligations for employees because of COVID-19.
Superannuation Guarantee obligations for September 2021 quarter
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.
ATO support for employers with expansion of Single Touch Payroll (STP)
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.
Extra superannuation step when hiring new employees
Employers may soon need to do something extra when a new employee starts to work for them.
Taxable Payments Annual Reports due 28 August
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
The ‘gigs up’ with a new sharing economy reporting regime
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.