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ATO Update

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What lockdown support is available?

What lockdown support is available? If you can’t work because you or someone in your household is impacted by COVID-19, there is support available, but it comes with fairly strict eligibility criteria. There are two payments accessible to individuals: The COVID -19 Disaster Payment; and the Pandemic Leave Disaster Payment. Both payments are accessible through

New stapled superannuation employer obligations for new staff

Series3: What changes on 1 July 2021? ; New stapled superannuation employer obligations for new staff Currently, when an employer hires a new staff member, the employee is provided with a Choice of Fund form to identify where they want their superannuation to be directed. If the employee does not identify a fund, the employer

2021-09-30T06:57:00+00:00June 23rd, 2021|Categories: Accounting News, ATO Update, Financial News, Superannuation|Tags: |

Concessional and non-concessional contribution caps

Series2: What changes on 1 July 2021? - Concessional and non-concessional contribution caps From 1 July 2021, the superannuation contribution caps will increase enabling you to contribute more to your superannuation fund (assuming you have not already reached your transfer balance cap). The concessional contribution cap will increase from $25,000 to $27,500. Concessional contributions are

2021-06-23T05:01:47+00:00June 11th, 2021|Categories: Accounting News, ATO Update, Financial News, Superannuation|Tags: , |

Super guarantee rate increase to 10%

Series1: What changes on 1 July 2021? - Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% - the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The 0.5% increase does not

2021-06-23T05:03:03+00:00June 9th, 2021|Categories: Accounting News, ATO Update, Financial News, Superannuation|Tags: , |

The New Lifetime Director IDs

The New Lifetime Director IDs Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers. ASIC does not currently verify the identity of directors and Elvis Presley and Bob Marley could “quite possibly” be registered.

2021-05-19T00:46:45+00:00May 19th, 2021|Categories: Accounting News, ATO Update, Financial News|Tags: , , , |

Super due is on 28 September 2020

Super due is on 28 October 2020 Employers: Your next super guarantee payments are due to your employees’ super funds by Wednesday 28 October. If you’re having difficulty meeting your super obligations because of COVID-19, contact us to discuss your situation and the options available on 1800 806 216. For more information on super guarantee

2021-05-11T06:04:17+00:00October 13th, 2020|Categories: ATO Update, Superannuation, Tax News|Tags: |

Foreign Income

ATO Tax Tip: Declare Your Foreign Income Tax tip: Do you earn income from overseas sources? Don’t forget to declare it on your tax return! Foreign income can include: • pensions and annuities • employment income • investment income • business income • capital gains on overseas assets. Learn more at link below ATO Foreign

2021-05-11T06:04:58+00:00October 12th, 2020|Categories: ATO Update, Financial News, Tax News|Tags: |

Service Australia Coronavirus Supplement has extended

Service Australia Coronavirus Supplement has extended The Government has extended the Coronavirus Supplement for eligible income support payments, at a rate of $250pf from Friday 25 September. We understand you might have questions about this change and how it will relate to your reporting period, so we've prepared a handy table to guide you. •

2020-10-15T08:13:43+00:00September 23rd, 2020|Categories: ATO Update, Tax News|

ATO Planned System maintenance from 25 September until Monday 28 September

ATO Planned System maintenance from 11.30pm Friday 25 September AEST until 7am Monday 28 September AEST Our online services will be unavailable and our contact centres closed from 11.30pm Friday 25 September AEST until 7am Monday 28 September AEST while we carry out essential system updates to support critical work. We apologise for the inconvenience

2020-10-15T08:05:00+00:00September 23rd, 2020|Categories: ATO Update, Tax News|

Early release of Super is EXTENDED

If you’ve been financially affected as a result of COVID-19, you now have more time to access some of your super. Applications for COVID-19 early release of super have now been extended to 31 December 2020. **Eligibility To be eligible, a citizen or permanent resident of Australia and New Zealand must require the COVID-19 early

2021-05-11T06:07:30+00:00September 5th, 2020|Categories: ATO Update, Tax News|
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