2019-20 has been an unusual year. This year, more than ever, we want to ensure that we help you achieve the best result possible, as well as
reducing your tax exposure and minimising the risk of an audit by the regulators.
Here’s some of the big changes to bear in mind in collating your 2020 year tax information:
The Australian Cyber Security Centre has now issued a high alert over myGov-related scams as tax time scams increase. The high alert comes
after the ATO reported increasing instances of myGov-related SMS and email scams.
As you may have heard this week, the Federal Government has announced another round of stimulus/support measures past the end of September,
extending support for eligible businesses through to March 2021.
While of course there is no legislation yet, here is what we know so far.
To reopen, many businesses may be required to collect and store customer, employee and contractor information, including name, email and
mobile number. This information will help authorities trace any COVID-19 infections if they occur. The way the information is collected and
stored must also comply with privacy laws and time limits.
As many of you are aware, the Australian government acted quickly to introduce several packages of support for businesses and individuals
impacted by the Coronavirus crisis. While it was fantastic to have such rapid response from our government in its efforts to help those
affected, there were wide-ranging unintended consequences including significant uncertainty about eligibility for the measures. In
particular the complex JobKeeper legislation was the subject of many mixed messages from ATO and Treasury, as well as raising numerous
questions about situations that had not been considered in the original legislation.
The Government has introduced a package of measures to provide assistance to eligible individuals financially impacted by the Coronavirus
(COVID-19) including the temporary early release of super. This is a single payment of up to $10,000 in both the 2019/2020 and 2020/2021
Here are some points to consider before applying to release your super:
The ATO has warned that business owners, employers and employees may be targeted by scammers pretending to be from the ATO, asking for their
bank account details. Please ensure you and your employees DO NOT provide this information.
We hope you were able to reflect and remember in your own way on ANZAC Day, despite the physical limitations in place.
We have had a big week, with lots of JobKeeper work in particular since enrolments opened on 20 April. See below for some updates &
important information on JobKeeper, but first an important reminder to be vigilant against scammers.
You may have seen or heard lots of discussion in the media, at the moment, full of gloomy predictions because of ‘inverted yield curves’.
We would like to share an article from our main investment manager, Dimensional Fund Advisors Ltd, which hopefully provides a broader
picture on this issue. We hope this provides a different perspective for your investment journey.
Cliff and Teri were excited. They were also relieved. Excitement came because they were entering a new stage of their life in retirement
after selling their business. Relief was there because they knew they were going to have an enjoyable next stage of life as they were now
Superannuation is your savings for your retirement. While the Government will be gradually increasing the super guarantee payments made by your employer on your behalf from 9.5 per cent to 12 per cent by 2025, these contributions alone may not be sufficient to support your retirement lifestyle. There are, however, strategies that can help you boost your super savings.
Salary sacrificing not only helps to boost your superannuation savings but reduces the amount of tax you pay as well.
Single Touch Payroll (STP), the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO, comes into effect from 1 July 2018.
Employers with 20 or more employees at 1 April 2018 must use standard business reporting-enabled software from 1 July 2018. The head count for ‘20 employees’ includes full-time, part-time, casuals (who worked any time during March), employees based overseas, or on paid or unpaid leave. Directors and independent contractors are excluded from the count.
STP is currently voluntary for businesses with less than 20 employees although proposed reforms seek to extend the reporting system to all employers by 1 July 2019, regardless of the number of employees.