Super increase to 10% from 1 July 2021 – what it means for your payslip?
All – New 10% Superannuation Rate 1 July 2021 Increase from 9.5% to 10% Super applies to wages paid from 1 July 2021. Scenario A: Your contract is Y including super – less pay, more super Scenario B: Your contract is X plus super – same pay, more super Scenario A: Contract is X plus […]
Super Guarantee Rate is Set to Rise from July – Are You Prepared?
The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now, to increase the rate to 12% incrementally. In July 2021, the rate will rise to 10%. From then on, the rate will increase by 0.5% each year until July 2025 when it will […]
Prepare for Finalising 2021 Single Touch Payroll
It’s nearly time to make a finalisation declaration for Single Touch Payroll. There is no need to issue payment summaries to employees you have reported through STP. Employers must complete the finalisation declaration by 14 July. The extended due date that small employers had last year no longer applies. Employers with a mixture of employees […]
Australian Consumer Law Changes
Changes to the Australian Consumer Law (ACL) from July 2021 – do they affect your business? The financial threshold definition of a consumer within this law will increase from $40,000 to $100,000. The law change means that businesses that sell goods or services with a value up to $100,000 must comply with the consumer guarantees […]
Key points in the Federal Budget 2021-2022
The Federal Budget 2021-22 has many announcements and proposals aimed at economic recovery and includes investment in jobs, essential services, business incentives and tax cuts. Budget Highlights for Business Temporary full expensing measures extended until 30 June 2023 – eligible businesses can claim an immediate deduction for the total cost of depreciating assets. Temporary loss carry-back […]
Income Splitting – New Rules from July 2021
Are you interested in learning more about income splitting and how to minimise tax by apportioning income or profit between associated entities? Professional services firms frequently use income splitting – for example, medical, legal, financial or IT services firms. It’s a good way of reducing tax within the allowable provisions – so long as it […]