SMSF update
Introducing SMSF rollover alerts Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a self-managed super fund (SMSF). With the inclusion of SMSF rollovers in SuperStream, the ATO will send the fund an email and/or text message alert when the fund uses the SMSF verification […]
Super guarantee contribution due
Super guarantee contribution due date for June 2021 quarter The due date for employers to make super guarantee contributions for their employees for the June 2021 quarter is 28 July 2021. Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2021 is 9.5%, but the super […]
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 […]
Super changes from 1 July 2021
Super Guarantee Charge set to rise to 10% from 1 July 2021 Consider: How does this affect salary packages? Need to ensure our employer clients update their payroll details Likely result is any pay increases will fund the increased SGC so less of that increase will be in take home earnings Concessional Super Cap rising to $27,500 Catch up rule […]
New measures in 2021
New measures applied from 1 January 2021 The Government has provided an update of a number of new measures which came into effect from 1 January 2021. They include (among others): The most significant changes to Australia’s insolvency framework in 30 years, which are intended to reduce costs, cut red tape and help more small […]
COVID-19 Superannuation Update
Special COVID-19 Superannuation Condition of Release Extended Regulations that extend the time frame of the special condition of release to access $10,000 from superannuation for individuals experiencing financial difficulties due to COVID-19 have been formally registered. The ability to withdraw up to $10,000 from superannuation (if certain conditions are met) was initially set to expire […]
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 […]
Superannuation guarantee amnesty ends today
Super Guarantee Amnesty Update Time runs out today for employers to apply for the Superannuation Guarantee (SG) amnesty to catch up on past unpaid super without incurring a penalty. The ATO encourages employers to apply for the amnesty and make payments as early as they can. Importantly, eligible amnesty amounts paid by 7 September 2020 […]
No SG obligation on JobKeeper payments where work is not performed
Regulations confirm no SG obligation on JobKeeper payments where work is not performed The federal government has registered the Superannuation Guarantee (Administration) Amendment (JobKeeper) Payment Regulations 2020. These regulations ensure that amounts of salary or wages that do not relate to the performance of work and are only paid to an employee to satisfy the […]
