Employer Super Guarantee Contributions
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.
ASIC - New requirements for Directors
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.
October 2021 NEWSLETTER
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.
September 2021 NEWSLETTER
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.
August 2021 NEWSLETTER
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.
Taxable Payments Annual Reports 2021(TPAR)
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:
- building and constructions services
- cleaning services
- courier or road freight services
- information technology (IT) services
- security, investigation or surveillance service
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.
Tax Time News
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.
Lodgment rates and thresholds guide for 2021-2022
Please find attached the Lodgment rates and thresholds guide for 2021-2022.
Should you have any queries, please do not hesitate to contact our office.
