Super guarantee rate change scheduled
Get ready for a change in the super guarantee rate The superannuation guarantee (SG) rate will increase from 10.5% to 11% on 1 July 2023. Employers, remember to update your payroll system to align with these changes. The new SG rate applies to payments made to workers on or after 1 July 2023. The Superannuation […]
Electric vehicle FBT exemption now law
Legislation to make certain electric vehicles exempt from FBT enacted into law Certain zero or low emissions vehicles provided as a car benefit on or after 1 July 2022, can be exempt from fringe benefits tax (FBT). For this exemption to apply various criteria need to be satisfied. The car needs to have been both […]
ATO reminds employers of super contribution requirements
Requesting stapled super fund details for new employees Make sure you know your obligations when it comes to super contributions for employees The ATO is reminding employers that, when they have new employees that have not provided them with their choice of super fund, super contributions should be made into: the employee’s stapled super fund; […]
Check that holiday employees get the right super
Is your system updated for the latest SG changes? The ATO is reminding employers that the holiday season is fast approaching and that their holiday casuals may now be eligible for super. From 1 July 2022, employers need to pay super for employees at a rate of 10.5%, regardless of how much they are paid, […]
It’s time to transition to STP Phase 2
Over recent months, Xero has been keeping us updated on Xero’s Single Touch Payroll (STP) Phase 2 rollout. This will see businesses build on their existing STP reporting to share more information with the ATO and other government agencies whenever you process a pay run. Xero has now announced that all three stages of the rollout are […]
Talking tax with new workers
Completing a tax file number declaration The ATO is reminding employers that have taken on new employees that those employees can complete a TFN declaration through ATO online services, and that this is an easy way for them to provide both their employer and the ATO with the information needed. If a new employee has […]
SG contribution due for September 2022 quarter
Super guarantee contribution due date for September 2022 quarter The due date for employers to make super guarantee contributions for their employees for the September 2022 quarter is 28 October 2022. Varying PAYG instalments The ATO is reminding taxpayers that they can vary their pay-as-you-go (‘PAYG’) instalments if they think the amount they pay now […]
Small business tax incentives back on the table
The Government has confirmed its commitment to implementing two tax incentives These aim to support small businesses to train and upskill employees, and improve their digital and tech capacity. The Technology Investment Boost and the Skills and Training Boost were announced in the 29 March 2022 Federal Budget but remain unlegislated. Small businesses with an […]
Superannuation support contractor case
Sessional lecturer entitled to superannuation support The Federal Court has agreed with the ATO that a lecturer providing services to a higher education provider was a common law employee and therefore entitled to superannuation support, despite being engaged as an independent contractor. The ATO reviewed the situation and concluded that the lecturer was entitled to […]
Pandemic Leave Disaster Payment reinstated
Pandemic Leave Disaster payment In recognition of the risks associated with more infectious new Covid-19 variants through the winter period, the Federal Government has agreed to reinstate the ‘Pandemic Leave Disaster Payment’ to 30 September 2022, which was otherwise set to end as of 30 June 2022. Eligibility for the payment will be backdated to […]
