The super guarantee rate will rise from 9.5% to 10% on 1 July 2021
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The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars.
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The ATO has confirmed that, from 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed.
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The ATO has advised that the final JobKeeper payment will be processed in April 2021.
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Small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ payees through Single Touch Payroll ('STP'). Also, a quarterly STP reporting option applies to micro employers (four or fewer employees). These concessions will end on 30 June 2021.
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The Government has provided an update of a number of new measures which came into effect from 1 January 2021
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Search4Accountants Team has announced that Accumulate Accountants + Business Advisors has been listed in the Top 25 Most Popular Accounting and Tax Services for 2020.
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With JobKeeper winding back, and the federal government indicating further broad support is not on the horizon, it is important to make timely decisions regarding your business.
For some, JobKeeper support may have already ended. For others, this support will end in March/April 2021.
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We are pleased to announce that as of 18/01/2021, Director Greg Mawer advanced to FCPA (Fellow of CPA Australia) status.
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The government has passed legislation to establish the JobMaker Hiring Credit, which is part of the government’s economic response to the COVID-19 pandemic.
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The government will expand eligibility for the temporary 'full expensing measure', which temporarily allows certain businesses to deduct the full cost of eligible depreciable assets in the year they are first used or installed.
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The ATO has now updated the tax withholding schedules to reflect the 2020/21 income year personal tax cuts — the updated schedules are available at ato.gov.au/taxtables.
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Thanks to the City of Canning for featuring us in the Canning Business Showcase (Showcasing inspiring stories about Canning businesses)
Not just a bean counter - Accumulate
If being financially savvy was not an existing pre-requisite to running a successful business - it certainly is now. Greg Mawer of Accumulate is a local resident in the City of Canning and has a passion for financial literacy. Read on as he shares his story and tips for business owners.
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We are pleased to announce that we are Finalists in the 27th Belmont and Western Australia Small Business Awards 2020.
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In a decision of the Administrative Appeals Tribunal, a taxpayer, Mr Bell, was a denied a deduction for $21,565.73 of work-related vehicle expenses for the 2016 income year.
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Broadly, JobKeeper Payments received by an employer are assessable income to the employer.
Likewise, the payments an employer subsequently makes to an employee that are funded (in whole or in part by the JobKeeper Payment) are generally allowable deductions to the employer.
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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.
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On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., for a further six months beyond its original end date of 27 September 2020).
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Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee ('SG') have continued to be tossed around!
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A legislative instrument was registered on 14 August 2020 amending the JobKeeper rules to allow businesses to claim the subsidy in respect of new employees. The changes apply to JobKeeper fortnights beginning on or after 3 August 2020.
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