Superannuation: Employers get ready for changes
Employers need to be aware of two important superannuation changes from 1 July 2022.
Double dip tax deduction warning
Taxpayers are warned not to ’double dip’ on tax deductions. Here are three common items that are often claimed twice.
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.
Penalties for small employers failing to commence STP reporting
Small employers are on notice as the ATO gets serious about Single Touch Payroll (STP) reporting.
Super and SMSF changes and what you need to know
Multiple changes to superannuation legislation are now in place and the ATO has put Trustees of SMSFs on notice in relation to record keeping. If you are unsure of your obligations, it’s important to seek advice.
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.