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 […]
2020 Super top up strategy
Unused concessional cap carry forward Potentially top-up super 2020 concessional contributions with any unused gap from the 2019 year. From 1 July 2018, if you have a total superannuation balance of less than $500,000 on 30 June of the previous financial year, you may be entitled to contribute more than the general concessional contributions cap and make […]
Coronavirus Economic Stimulus Package UPDATE
Supporting Australian workers and business The Commonwealth Government has released the second stage of its stimulus plan to cushion the economic impact of the coronavirus and help build a bridge to recovery. A total of $189 billion is being injected into the economy by all arms of Government in order to keep Australians in work […]
SMS for SMSF
ATO to email, SMS SMSF changes In the interests of protecting self-managed super fund (SMSF) members and their retirement savings from fraud and misconduct, the ATO has announced it will send out an email and/or a text message via an SMS when changes are made, including updates to the SMSF financial details or member information. […]
