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 […]
Single Touch Reporting Phase 2
Get ready for STP Phase 2 in Xero The next stage of the Single Touch Payroll (STP) journey is coming soon in Xero. STP Phase 2 will see Australian businesses build on their existing reporting to share more information each pay run. When will STP Phase 2 reporting be available in Xero? The rollout will […]
SG contribution due date for June 2022 quarter
Super guarantee contribution due date for June 2022 quarter The due date for employers to make super guarantee contributions for their employees for the June 2022 quarter is 28 July 2022. Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2022 is 10%. Employers that do […]
Super Guarantee changes from July
Get ready for changes to super guarantee From 1 July 2022, two important super guarantee (SG) changes will apply to your business. These are: the rate of SG is increasing from 10% to 10.5% the $450 per month eligibility threshold for when SG is paid is being removed. What this means for you These changes […]
2021/22 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2022 Your Checklist Claims for deductions Receipts for deductions Car claims and log books Please review the information below and contact our office if you need assistance. A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward […]
JobMaker Year 2
Adjusting baseline headcount If you have been claiming the JobMaker Hiring Credit, please be aware that the ATO will now calculate an adjusted baseline headcount for the claim. The ATO will amend the prefill in the claim form based on information provided in earlier claims. The ATO does this each period by calculating the greatest […]
Changes to superannuation regulations
Be aware of various new regulations and opportunities surrounding your superannuation New legislation regarding contribution requirements, visibility and guarantee eligibility is currently or soon to be effective. Reporting re-contributions of COVID-19 early super relief super amounts Self-managed super fund (SMSF) members can now re-contribute amounts they withdrew under the COVID-19 early release of super program […]
2022/23 Federal Budget
Federal Budget Highlights In this summary: Personal income tax changes (please scroll down) Changes affecting business taxpayers Other Budget announcements 1. Personal income tax changes 1.1 Increase to low and middle income tax offset (‘LMITO’) The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be […]
COVID-19 vaccination incentives and rewards
FBT consequences of providing non-cash benefits 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 […]
