High Court decision has impacts for trust beneficiaries
The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result of a default beneficiary clause being triggered.
Reminder: March 2022 Super Guarantee
Employers are reminded that their Superannuation Guarantee obligation for the 1 January 2022 to 31 March 2022 quarter is due by 28 April 2022.
12-month extension for loss carry-back measure
Eligible companies have a 12-month extension to claim a loss carry-back tax offset in the 2023 income year.
Tax considerations for COVID-19 vaccination incentives and rewards
The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination. When employees are provided a cash payment, including paid leave for employees to get their COVID-19 vaccination (or additional paid leave to recover from any vaccination side effects), employers should…
SME Recovery Loan Scheme extended
The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic.
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.
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.
Getting your business back on track
Changing business conditions, interruptions and adapting to new ways of working has likely impacted your business. If you feel like you are finally coming up for air, it’s time to be positive and proactive and get your business back on track.
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.