ATO: Directors Tax & Super liability
As a company director you are responsible for ensuring that the company’s tax and super obligations are reported and paid on time. If your company does not pay certain liabilities by the due date, the ATO can recover these amounts from you personally as a current or former company director. What is a director penalty […]
ATO warning: Do not engage in GST fraud
The Australian Taxation Office has identified, and is taking strong action, to respond to significant GST fraud. Involving participants inventing fake businesses to claim false GST refunds. The ATO is warning the community not to engage with this fraud, and for participants to come forward before we take tougher action. The fraud involves offenders inventing […]
ATO Updated: Trust reimbursement agreements
The Australian Taxation Office (ATO) acknowledges there has been significant interest in its draft public advice and guidance relating to trust reimbursement agreements and unpaid present entitlements (also known as section 100A reimbursement agreements). ATO’s Louise Clarke said “The vast majority of small businesses operating through a trust are not operating in a way that will attract […]
Federal Budget: Reduce fuel excise for 6 months
As part of Australia’s plan for a stronger future, the Government will reduce fuel excise by 50 per cent for 6 months and applies from 30 March until 28 September 2022. This will see excise on petrol and diesel cut from 44.2 cents per litre to 22.1 cents per litre. Fuel subject to a lower excise rate […]
Cost of living tax offset
From 1 July this year, over 10 million individuals will receive a one-off $420 cost of living tax offset. Combined with the low and middle income tax offset (LMITO), eligible low- and middle-income earners will receive up to $1,500 for a single income household, or up to $3,000 for a dual income household. Tax relief from […]
Super to cover more employees
From 1 July 2022, employers will need to pay super to their employees who earn less than $450 per month, provided they meet other eligibility requirements. This change expands super guarantee eligibility so that employees & certain contractors can receive super regardless of how much they earn. As we move closer to 1 July 2022, […]
ATO: Reporting COVID-19 re-contribution amounts
Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without them counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 and 30 June 2030. COVID-19 re-contribution amounts are not a new type of contribution. They are a personal contribution that we will exclude from an individual’s non-concessional contribution cap. […]
ATO: paying interest on early payments
The ATO will be paying interest on early payment entitlements (IEP) automatically from March 2022. The ATO are automatically identifying, calculating and paying IEP entitlements directly into nominated bank account. This process applies to eligible early payments made from 1 July 2022. For eligible payments made: – after 13 March 2022, we are paying […]
Preparing for your director ID
The director identification number (director ID) is a unique identifier that a director will apply for once and will keep forever. If you’re a director of a corporate trustee of a self-managed super fund (SMSF) you will need to apply for a director ID. You will be able to apply for a director ID from […]
Important dates
What’s a Tax/Financial year For all individual, sole trader, company and trust working in Australia, the tax year starts on 1st of July of that year and ends on 30th of June of the following calendar year. So, it actually captures the second half (Jul-Dec) of one year and the first half (Jan-Jun) on the […]