The Government is offering co-contributions to your super of up to $500 To reward Aussies for putting their own money towards their retirement savings, the Government is offering co-contributions to super of up to $500! If you meet the eligibility criteria for the co-contribution scheme, the Government will give you an extra 50% of what [...]
Early in 2022, the ATO reminded company directors of their legal obligation to meet their Pay As You Go (PAYG) Withholding & Superannuation Guarantee (SGC) obligations (for companies with employees) along with the requirement to remit GST on the due dates. Directors were warned that in circumstances where companies fail to meet these payment obligations, [...]
JobKeeper 1.0 has come to an end, so what are the next steps for your businesses? The first tranche of JobKeeper ended on 27 September 2020. If your business is no longer eligible for JobKeeper payments, here is what you must do now: Advise your employees and business participant. For employees receiving JobKeeper from your [...]
The ATO has reminded company directors that if the company is not meeting its PAYG withholding, GST or SGC obligations, the ATO may recover these amounts from the director personally. It also reminds persons who are about to become a director of a company, to check for any such unpaid or unreported liabilities. This is [...]
One only needs to look back at the last decade to be reminded that history is full of surprises. From the early 2000’s to now, we have endured the 9/11 terrorist attacks, the Global Financial Crisis, Brexit, several wars in the Middle East and an ongoing global pandemic. This is far from an exhaustive list, [...]
At the beginning of February 2022, the Australian Government passed The Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021. The aim of the Bill is to increase flexibility for individuals preparing for retirement, increase superannuation support for low income earners and provide assistance to first home buyers. Changes [...]
At the beginning of February 2022, the Australian Government passed The Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021. The aim of the Bill is to increase flexibility for individuals preparing for retirement, increase superannuation support for low income earners and provide assistance to first home buyers. Update [...]
The Australian Taxation Office is raising concerns on the increase in phone and email scams that involve fake superannuation investments targeting SMSF trustees. They have stated that they are seeing a rise in the number of scams involving fraudulent superannuation investments. Scammers are reportedly “-phoning and emailing people, pretending to be financial advisers or super [...]
In February of 2022, the Australian Government passed The Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021. The passing of the Bill intends to increase flexibility for individuals preparing for retirement, increase superannuation support for low income earners and provide assistance to first home buyers. Removal of the [...]
The Australian Taxation Office has implemented measures to ensure that employers are meeting their superannuation guarantee (SG) obligations. Superannuation funds now provide information to the ATO when they receive SG contributions for employees. The ATO is using this information, as well as Single Touch Payroll (STP) reporting, to identify employers who have paid some or [...]
From 1 November 2021, all existing and new company directors will be legally required to have a Director Identification Number (DIN) to be/remain a company director. Applications will be available through the Australian Business Registry Services (ABRS) website. It is free to apply. What is a Director Identification Number? A Director Identification Number (DIN) is [...]
As JobKeeper comes to a close in March, there are a few important dates that businesses and entities should be aware of for its arrangements from 4 January 2021. Here are a few key dates you should know about if you are planning to claim JobKeeper for this period: 28 January 2021 JobKeeper business monthly [...]
In case you missed it, the KPMG (on behalf of the Financial Services Council [FSC]) has released insurance claims data for 2019. This data takes a look at the primary causes of claims for Life Insurance, Total and Permanent Disability (TPD) Insurance and Income Protection (IP), the split across gender, and the proportion of claims [...]
JobKeeper 2.0 The Australian Government is extending the JobKeeper payment scheme until March 28, 2021 at a reduced rate. The second tranche of the JobKeeper scheme is for businesses that continue to be significantly impacted by coronavirus. JobKeeper 2.0 sees changes to the eligibility test for employers. If your business currently receives JobKeeper, your arrangements [...]
