What is Single Touch Payroll? Single Touch Payroll (STP), is an Australian Government initiative to reduce employers’ reporting burdens to government agencies. With STP, you report employees’ payroll information to the ATO each time you pay them through STP-enabled software. Payroll information includes: salaries and wages pay as you go (PAYG) withholding superannuation. STP started […]
Are you claiming a tax deduction on super payments? Using the Small Business Superannuation Clearing House (SBSCH)? If you intend to claim a tax deduction for super payments you make for employees in the 2020-21 income year, those payments must be accepted by the SBSCH on or before 23 June 2021. This allows processing time for […]
Job Keeper Extension round 2 – Are you eligible? The new Job Keeper Extension period will run from the 4 January 2021 to the 28 March 2021. You can be eligible for JobKeeper extension 2 even if you were not eligible for JobKeeper extension 1 and must have satisfied the original decline in turnover test. You will […]
Job Keeper – Extension 2 4th January 2021 – 28 March 2021 The JobKeeper scheme has been extended from 28 September 2020 until 28 March 2021. There are two separate extension periods. For each extension period, an additional actual decline in turnover test applies and the rate of the JobKeeper payment is different. The extension periods are: […]
Self-Managed super funds (SMSFs) are a way of saving for your retirement. The difference between an SMSF and other types of funds is that the members of an SMSF are usually also the trustees. This means the members of the SMSF run it for their benefit and are responsible for complying with the super and […]
The distribution of superannuation following a member’s death is a relatively complex area of the superannuation system. Superannuation monies do not automatically form part of a deceased’s estate. Instead, the Superannuation Industry (Supervision) Act 1993 (SIS Act) provides that: a) the governing rules of a fund may permit a member to complete a notice that […]
As part of its Economic Response to COVID-19, the Australian Government is supporting business to manage cash flow challenges and to keep apprentices and trainees employed through the Supporting Apprentices and Trainees wage subsidy. The Australian Government is extending and expanding the Supporting Apprentices and Trainees wage subsidy, to include medium-sized businesses who had an apprentice in place […]
The JobMaker Hiring Credit will help to accelerate growth in the employment of young people during the COVID-19 recovery. This will improve their economic, health and social outcomes and reduce the scarring from long term unemployment. The JobMaker Hiring Credit will give businesses incentives to take on additional young job seekers. This will help young […]
Missed or underpaid super amounts? Business downturn due to COVID-19 may be affecting your business and you may have missed, or not paid in full, regular payments. This includes your employees’ super guarantee (SG) for the quarter ended 30 September 2020. By law, the ATO cannot extend the due date to pay super. To meet […]
How much Super do you need to retire? The amount of super you’ll need when you retire depends on: your big costs in retirement, and the lifestyle you want Most people can now expect to live well into their eighties. This means that if you stop working at 65, you’ll need retirement income for 20 […]
