Super and financial planning Personal use and collectables in SMSFs By Thomson Reuters Tax & Accounting on 18 June 2021 Would you like to hold a wine collection, artworks, or a classic car in your SMSF? Well, you can if you follow some strict rules.
Employers beware: increase in super guarantee By Thomson Reuters Tax & Accounting on 9 July 2021 From 1 July 2021, the rate of super guarantee increased from 9.5% to 10%, businesses using manual payroll processes should be careful that this change doesn’t lead to unintended underpayment of super which may attract penalties. The rate you use to calculate super contributions depends on the date that you’re paying your employees in and it does not matter if the work was performed in a different quarter.
It’s tax time again and if your business is experiencing financial difficulties due to the latest lockdowns, the ATO may be able to help by processing your tax return faster and expedite any refund to you. To be eligible for priority processing, you’ll need to apply to the ATO and provide supporting documents dated within 4 weeks of your submission outlining your circumstances.
The key measure announced is the “Jobs Plan” consisting of $619m to enhance services to help people find jobs and to fund wage subsidies to get people back to work, particularly women aged over 45. Payroll tax concessions will also be expanded and small to medium businesses will be eligible for a tax credit for hiring and rehiring workers.
In the Budget, the Government did not announce any personal tax rates changes, having already brought forward the Stage 2 tax rates to 1 July 2020 in the October 2020 Budget. The Stage 3 tax changes will commence from 1 July 2024, as previously legislated.
The key measure announced is the “Jobs Plan” consisting of $619m to enhance services to help people find jobs and to fund wage subsidies to get people back to work, particularly women aged over 45. Payroll tax concessions will also be expanded and small to medium businesses will be eligible for a tax credit for hiring and rehiring workers.
While many businesses are focusing on meeting ever changing health regulations as well as the health of their customers and staff. The tax side of things shouldn’t be neglected, especially GST. The ATO has recently provided some insights on its methodologies for selecting entities for its GST assurance programs as well as how it tailors its compliance approach and the tools it has at its disposal.
A series of administrative measures to assist businesses experiencing financial difficulty as a result of the coronavirus (COVID-19) pandemic has been announced by the ATO. These include deferring the payment date and amounts due on BASs, income tax assessments, FBT assessments, and excise by up to 4 months.
Are you an employee that has been underpaid super by your employer? If you think that’s the case, and you’re keen to claw back what’s rightfully yours, there’s a few routes you can take.
Every year, trustees of SMSFs have to ensure that the fund’s assets contained in the financial statements and accounts are at market value for the associated audit. Due to COVID-19 impacts on the 2020 and 2021 financial years, the ATO has provided a concession for trustees of SMSFs in relation to valuation evidence. It will allow auditors to lodge an Auditor/actuary contravention report with reasons as to why to the trustee was unable to obtain the appropriate evidence. If the ATO deems the reason to be COVID-19 related, no penalties will apply.
The JobSeeker COVID supplement has once again been extended for a further 3 months accompanied by an associated cut in rate. The first extension was due to end on 31 December 2020, but the extension will allow the supplement to run until 31 March 2021 which will be welcome news for many individuals still struggling with unemployment. However, beware that the original supplement rate of $550 per fortnight, which was cut to $250 per fortnight in September, will be further cut from 1 January 2021 to $150 per fortnight.
Rental property deductions have many rules, and the ATO is on the lookout for incorrect claims. Some expenses can be deducted immediately, while others will need to be claimed over time. Stay on top of the rules and avoid ATO headaches this tax time.