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Superannuation guarantee amnesty bill passed Parliament on 24 February 2020 and has now received Royal Assent and is law. This law change provides a number of incentives for employers to pay any unpaid historical superannuation guarantee (SG) amounts relating to the period 1 July 1992 to 31 March 2018. Superannuation guarantee amnesty benefits   Provided superannuation guarantee charge (SGC) relating to the period above is paid during the amnesty period of 24 May 2018 until 6 months after the date of Royal Assent (6 September 2020), eligible employers will receive the following benefits:   The SGC will be deductible The SGC, which is usually non-deductible, is comprised of the following amounts: Ø   The total SG shortfall – that is, the total of the SG shortfalls for each affected employee. Ø   Interest on SG shortfalls – currently 10% per annum on each individual SG shortfall; and Ø   An administration fee – usually $20 pe...

Personal Insurance Need insurance cover to cover yourself and your family members in case of unforeseen circumstances? We have partnered with experienced and qualified insurance brokers to offer you tailor-made insurance policies to provide peace of mind for you and your loved ones. Our insurance offering includes the following insurance types – Life Insurance ·          Financial support for your loved loves in the event of your death. ·          You can choose the level of protection you require. ·          Tailor your plan to suit your personal needs. Total and Permanent Disability Cover ·          Benefit from a lump sum payment if you were to become totally and permanently disabled. ·          Choose the level of protection you want based on your personal ne...

Feeling charitable in the lead up to the festive season?  Whether you’re digging deep to support your favorite charity or dropping five bucks into a donation bucket, hang onto those receipts! You might be able to claim a deduction next tax time. For your donation to be deductible, it must be for $2 or more and made to what’s called a ‘deductible gift recipient’ (DGR). Organizations entitled to receive tax-deductible gifts are called 'deductible gift recipients' (DGRs). You can only claim a tax deduction for gifts or donations to organizations that have DGR status. The person that makes the gift (the donor) is the person that can claim a deduction. What is a DGR? A deductible gift recipient (DGR) is an organization or fund that can receive tax-deductible gifts. Not all charities are DGRs. For example, in recent times crowdfunding campaigns have become a popular way to raise money for charitable causes. However, many of these crowdfunding websites ...

Commissioner of Taxation – Notice of ATO Data Matching Program – Attention Uber Drivers The Australian Taxation Office (ATO) will acquire data to identify individuals that may be engaged in providing ride sourcing services during the 2016–17 and 2017–18 financial years. Details of all payments made to ride sourcing providers from accounts held by a ride sourcing facilitator will be requested from a financial institution for the 2016–17 and 2017–18 financial years. Ride sourcing facilitators provide an electronic platform enabling members of the public to engage the services of a ride sourcing provider (a driver). The data ATO acquire will be electronically matched with certain sections of ATO data holdings to identify taxpayers. ATO can provide them with tailored information to help them meet their tax obligations or to ensure compliance with taxation law. ATO will obtain the following data items from the source entity: Payee account name Payee BSB Payee ac...

TAX TIME MYTHS VS FACTS Here are some of the most common MYTHS relating to tax deductions – Myth:  I can claim home to work travel because I need to get to work to earn my income. Fact:  For most of us, home to work travel is a private expense. Myth:  Everyone can automatically claim $150 for clothing and laundry, 5,000km under the cents per  kilometer  method for car expenses, or $300 for work-related expenses, even if they didn’t spend the money. Fact:  There is no such thing as an “automatic” or “standard deduction”. Substantiation exceptions provide relief from the need to keep receipts in certain circumstances. While you don’t need receipts for claims under $300 for work-related expenses, $150 for laundry expenses (note: this is for laundry expenses only and does not include clothing expenses) or if you are claiming 5,000km or less for car expenses under the cents per kilometer method, you still must have spent the money, i...

Made a mistake on your tax return? If you have made a mistake or need to amend your tax return, it is important you lodge an amendment as soon as you’ve realized the error made on your original return. It is important to note that time limits apply for lodgment of amendments. The law sets time limits for amending your tax assessment. For individuals and small businesses the time limit is generally two years, and for other taxpayers four years, from the day after ATO has issued you the notice of assessment for the year in question (generally taken to be the date on the notice or, if ATO doesn’t issue a notice, the date the relevant return was lodged). For example, you’re a sole trader and receive a notice of assessment dated 8 th  December 2015. Your two-year amendment period starts on 9 th  December 2015 (the day after the date on the notice) and ends two years later, on 8 th  December 2017, so you have until that day to lodge a request for an amend...

GST – In Simple Terms Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. Generally, businesses and other organizations registered for GST will: • include GST in the price they charge for their goods and services • claim credits for the GST included in the price of goods and services they buy for their business. Do you need to be registered for GST? If you run a business or other enterprise and have a GST turnover of $75,000 or more ($150,000 or more for non-profit organizations) or you provide taxi travel – you need to register for GST. GST registration is voluntary if your annual turnover is less than $75,000 in case of a business or less than $150,000 in case of non-profit organization. You can register ABN (Australian Business Number) and GST via the Australian Business Register (ABR) website – www.abr.gov.au or please contact us to assist you in registering your ABN. How GST...