2021/22 Federal Budget
Omnis Group Federal Budget Summary 2021/22 Key points covered by this summary: Personal income tax changes Changes affecting business taxpayers Superannuation related changes 1. Personal income tax changes 1.1 Retaining the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year The Government has announced that it will retain the LMITO for one […]
FBT rates and thresholds for the 2021/22 FBT year
Updated FBT rates and thresholds for the 2021/22 FBT year have been released The ATO has updated its webpage containing the fringe benefits tax (‘FBT’) rates and thresholds for the 2017/18 to 2021/22 FBT years. Two amounts that were not previously announced for the 2021/22 FBT year are: the FBT record-keeping exemption is $8,923 (up […]
JobMaker Hiring Credit – eligible additional employees
JobMaker employee eligibility criteria How to report eligible additional employees through Single Touch Payroll-enabled payroll software Employees are eligible if they: have received income support payments, including the JobSeeker Payment, Youth Allowance (other than on the basis that the individual was undertaking full-time study or was a new apprentice) or Parenting Payment for at least […]
JobMaker Hiring Credit scheme
Claims open from 1 February 2021 The JobMaker Hiring Credit is being administered by the ATO It provides a wage subsidy payment directly to employers as an incentive to employ additional job seekers aged 16 to 35 years. Registrations for the JobMaker Hiring Credit scheme opened on 7 December 2020, and claims for the first […]
Proposed FBT exemption — retraining and reskilling
The government has announced it will introduce an exemption from FBT It will apply to retraining and reskilling benefits provided by employers to redundant, or soon to be redundant, employees where the benefits may not be related to their current employment. It is proposed that this exemption will not apply to: retraining provided under a […]
JobMaker Hiring Credit passed
The government has passed legislation to establish the JobMaker Hiring Credit It is part of the government’s economic response to the COVID-19 pandemic. The JobMaker Hiring Credit is specifically designed to encourage businesses to take on additional young employees and increase employment. It does this by providing employers with a fixed amount of $200 per […]
Employers need to apply recent tax cuts as soon as possible
The ATO has now updated the tax withholding schedules They reflect the 2020/21 income year personal tax cuts. Updated schedules are available at ato.gov.au/taxtables. The ATO has said that employers now need to make adjustments in their payroll processes and systems in order for the tax cuts to be reflected in employees’ take-home pay. Employers […]
2020/21 Federal Budget Summary
Omnis Group Federal Budget Summary 2020/21 Key points Changes to personal income tax rates Expanding access to Small Business Tax Concessions JobMaker Hiring Credit Uncapped immediate write-off for depreciable assets Temporary loss carry back for eligible companies Reducing the compliance burden of FBT recordkeeping 1. Personal income tax changes 1.1 Changes to personal income tax […]
Superannuation guarantee rate increase update
Super Guarantee Increase Update Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee (SG) have continued to be tossed around! The SG is the compulsory amount of superannuation an employer must pay into an eligible employee’s chosen super fund. The rate of SG has been frozen at 9.5% of an employee’s […]
Expanded eligible employee definition for JobKeeper
JobKeeper Eligibility Changes Additional recently implemented JobKeeper changes mean more employees qualify for JobKeeper payments from 3 August 2020. This is primarily because: the eligible employee test has been extended from 3 August 2020 to include eligible employees who were employed on 1 July 2020 (in addition to the original 1 March 2020 employment date) […]
