Applications for the Business Costs Assistance Program Round Four - Construction are now open. The program provides one-off payments to eligible employing and non-employing businesses in the construction sector. Businesses must have incurred direct costs because of the health restrictions in place between 21 September and 4 October that have not been and will not be partially or fully recovered or otherwise reimbursed. Payments of up to $8400 will be made available to eligible businesses based on payroll size.
Please use the below link to apply
If you need any further information or guidance please contact me at the office
From 1 November 2021, if you have new employees start, you may have an extra step to take to comply with choice of fund rules if they don’t choose a super fund. You may now need to request their ‘stapled super fund’ details from us.
A stapled super fund is an existing super account which is linked, or 'stapled', to an individual employee so that it follows them as they change jobs.
If you don't meet your choice of super fund obligations, additional penalties may apply.
The change aims to reduce account fees by stopping new super accounts from being opened every time an employee starts a new job.
Please refer to the above website for further information and should you have any queries, please contact our office.
From November 2021,all directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director identification number (director ID).
A director ID is a unique identifier that a director will apply for once and keep forever.
Directors must apply for their director ID themselves because they will need to verify their identity. No one can apply on their behalf.
The ABRS is responsible for the implementation and administration of director ID. ASIC will be responsible for the enforcement of associated offences.
https://www.abrs.gov.au/director-identification-number
Please refer to the above website for further information and should you have any queries, please contact our office.
The October newsletter topics include compensation payments received in your SMSF, CGT consequences when using part of your home as a place of business, inheriting rental properties jointly and more.
Please refer to the attachment for further information and should you have any queries, please contact our office.
The September newsletter topics include guidance in relation to employee travel expenses, Self-Managed Funds and property development investments, trust distributions to non-residents and more.
Please refer to the attachment for further information and should you have any queries, please contact our office.
The August newsletter topics include Superannuation reforms and what it means for members, capital works deductions for rental properties, discretionary trusts distributions and more.
Please refer to the attachment for further information and should you have any queries, please contact our office.
If your business makes payments to contractors or subcontractors you may need to lodge a Taxable payments annual report (TPAR) by 28 August each year.
The taxable payments reporting system aims to create a level playing field – to prevent dishonest operators from gaining an unfair advantage over the majority. The information we collect in the TPAR allows us to identify contractors who are not meeting their tax obligations.
You need to know about TPAR if your business provides any of the following services, even if it's just part of the services you provide each year:
For further information please refer to the ATO website: https://www.ato.gov.au/business/reports-and-returns/taxable-payments-annual-report/lodging-your-tpar/ or contact our office for assistance.
WORKING FROM HOME RECORDS:
The ATO is once again reminding clients that are continuing to work from home during the 2021-2022 income year to keep records of the hours worked from home as well as keeping receipts for all items purchased. For further information refer to the ATO website https://www.ato.gov.au/Tax-professionals/Newsroom/Income-tax/Keep-records-when-working-from-home/
BUSINESS PORTAL RETIRING THIS MONTH:
A reminder that the Business Portal retires at the end of this month (July 2021) and you will need to switch to Online Services for Business. For further information please refer to the ATO website https://www.ato.gov.au/General/Online-services/Businesses
If we can be of assistance, please contact our office.