Stapled super and your business

From 01 November 2021, employers will need to determine if a new employee has a “stapled” superannuation fund and request these details from the ATO in the event that the new employee has not chosen a super fund. A stapled super fun …

Super stapling and your work

From 01 November 2021, ‘fund stapling’, as legislated by the Federal Government, comes into effect. So, what is ‘fund stapling’ and what does this mean for you? …

COVID-19 business support payments tax-free

Small businesses will not be required to pay tax on COVID-19 business support payments provided by the Federal Government, after both houses of parliament passed new legislation in early August. …

Income Protection Insurance: more changes from 01 October 2021

On 01 April 2020, the Australian Prudential Regulation Authority (APRA) began making changes to the Income Protection (IP) insurance landscape, with Agreed Value policies no longer available as new policies. Further changes will com …

Your business and the Super Guarantee increase

Compulsory superannuation contributions is one of the three pillars of the Australian retirement income system. Known as the Superannuation Guarantee (SG), it’s a forced savings scheme designed to provide an income to Australians wh …

EOFY 2021: Tax and cash flow planning

The end of the financial year is an important time to consider a number of tax planning initiatives to help minimise your tax liability and increase any potential refund. Timing is a traditional hallmark of tax planning, so keep in …

Tax deductions for bad debts

April 2021 has become a closely observed month with many of the government’s COVID-19 economic supports coming away. As with the wind down of any stimulus, there’ll be inevitable business casualties, …

FBT: Small Business Concessions

If you own a small business still recovering from the COVID-19 economic downturn, remember that you can take advantage of Fringe Benefits Tax (FBT) concessions to lower the amount of FBT you need to …

FBT: A quick guide

While income tax and company tax seem to be front of mind for most businesses, Fringe Benefits Tax (FBT) is also applicable when employers provide certain benefits to their employees or associates of employees (usually family member …

Tax impact of multiple jobs

It’s not uncommon these days for people to have more than one job and employer, or even a mix of wages and contract income, as a way of maintaining their preferred lifestyle. But what are the tax implications of this? …