Employers may soon need to do something extra when a new employee starts to work for them.
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On 21 September 2021, Director Greg Mawer attended the CPA Australia Certificate Presentation to be formally recognised as a Fellow of CPA Australia.
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In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding property investors to beware of common tax traps that can delay refunds or lead to an audit costing taxpayers time and money.
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The Government is providing additional support to small and medium sized businesses ('SMEs') by expanding eligibility for the SME Recovery Loan Scheme.
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The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001.
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From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year.
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Employers should have already been reporting through Single Touch Payroll (‘STP’) unless they only have closely held payees, or they are covered by a deferral or exemption.
From 1 July 2021, there have been changes to STP reporting for small employers with closely held payees and quarterly reporting for micro employers.
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From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year.
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To offer more support due to the ongoing effects of COVID-19, an extension of the repayment period is now available for those who were unable to make their MYRs by the end of the lender’s 2020/21 income year (generally 30 June).
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The due date for employers to make super guarantee contributions for their employees for the June 2021 quarter is 28 July 2021.
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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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