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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The government will expand eligibility for the temporary 'full expensing measure', which temporarily allows certain businesses to deduct the full cost of eligible depreciable assets in the year they are first used or installed.
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The ATO has now updated the tax withholding schedules to reflect the 2020/21 income year personal tax cuts — the updated schedules are available at ato.gov.au/taxtables.
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Thanks to the City of Canning for featuring us in the Canning Business Showcase (Showcasing inspiring stories about Canning businesses)
Not just a bean counter - Accumulate
If being financially savvy was not an existing pre-requisite to running a successful business - it certainly is now. Greg Mawer of Accumulate is a local resident in the City of Canning and has a passion for financial literacy. Read on as he shares his story and tips for business owners.
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We are pleased to announce that we are Finalists in the 27th Belmont and Western Australia Small Business Awards 2020.
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In a decision of the Administrative Appeals Tribunal, a taxpayer, Mr Bell, was a denied a deduction for $21,565.73 of work-related vehicle expenses for the 2016 income year.
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