The Government has delivered the 2021-2022 Federal Budget with Treasurer Josh Frydenberg announcing it as the ‘recovery budget’.
With the end of the 2020-2021 financial year fast approaching, there are many tax planning strategies that you as a business owner and an individual need to be aware of so that you can take action in the coming months.
Effective 1 July 2021, employers will be required to increase the minimum superannuation contribution to employees from 9.5 percent of “Ordinary Time Earnings” (OTE) to 10 percent.
While most businesses are already familiar with the Single Touch Payroll (STP) regime, small employers (19 or fewer employees) with closely held payees were exempt from reporting payroll information of those closely held payees through the STP for the 2019-20 and 2020-21 financial years.
The Super Guarantee legislation requires businesses to make a contribution to eligible employees for their retirement.
The SG rate will increase on 1 July to 10% and then continue to increase each year until it reaches 12% on 1 July 2025.
As a part of the 2020 Budget Digital Business Plan, the government announced funding to implement the Modernising Business Register (MBR).
In terms of preserving the roots of Australia’s economy, the major economic stimulus programs of Cashflow boost, JobKeeper and JobSeeker have already expired for many taxpayers or they are to …
Scammers never seem to rest, with even the latest JobKeeper iteration coming in for some scam treatment.
If you hold residential property in NSW in a Trust, then you need to have a Trust Deed Update completed before 31 December 2020 or risk paying extra in land tax surcharge.
In NSW, Surcharge land tax applies to foreign persons who are owners of residential land.
After federal, state and territory governments slammed the brakes on the Australian economy with the most drastic and far-reaching shut down measures experienced in our nation’s recent history, the Federal Treasurer has sought to re-ignite the flame to get our nation’s economy going again.