The Victorian Treasurer, Tim Pallas, handed down the State budget on 20 May 2021 that included changes to Payroll Tax, Land Tax and Stamp Duty that will affect a range of Victorian business and investors. The key changes are summarised below. Payroll Tax The key changes for Victorian Payroll Tax; The Tax-free threshold will increase…
There are a few changes and developments coming to Superannuation Guarantee which all employers and employees need to be aware of. Rate of Superannuation Guarantee increases to 10% Effective from 1 July 2021, the minimum rate of Superannuation Guarantee will increase from 9.5% to 10% of an employee’s ordinary time earnings. Superannuation Guarantee does not…
The Victorian Government announced on 27 May 2021 the “Circuit Breaker Business Support Package” to assist small to medium business, including sole traders, who were unable to operate due to the Circuit Breaker lockdown. This package was further extended on 2 June 2021 following the week extension of the Circuit Breaker lockdown. Eligible businesses will…
Contents For You & Your Family Your Superannuation Business & Employers Education, skills & training Government & regulators Other The economy Budget 2021-22: The Balancing Act Budget The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term.…
Welcome to our April 2021 Newsletter Contents The 1 July 2021 Superannuation changes ATO targets profits of professional service firms Tax treatment of JobKeeper payments handed back to ATO JobMaker fails to boost employment Unemployment rate at pre COVID-19 levels National licence recognition for tradies The 1 July 2021 Superannuation changes Changes from 1 July…
From 28 September 2020, the eligibility tests to access JobKeeper for employers changed, along with the amount of the JobKeeper payment for employees and business participants. To receive JobKeeper from 4 January 2021, employers will need to assess their eligibility again. Eligibility for one JobKeeper period does not entitle you to, or exclude you from,…
The government has halved the minimum pension drawdown requirements for the 2019-2020 and 2020-2021 financial years. The reduced pension drawdown requirements are aimed at helping preserve the capital in an individual’s pension account. This halving of the minimum pension annual drawdown requirement applies to individuals with account based pensions, allocated pensions or market linked pensions…
With the introduction of the JobKeeper legislation and the various ATO and Treasury Explanatory Memorandums and updates, it is timely to re-visit as an employer what you need to do from here for the JobKeeper scheme which runs from the 30 March 2020 to 27 September 2020. Enrolment Review and ensure all eligible employees have…
The National Cabinet (comprising Federal Government & State Governments leaders) have introduced a Mandatory National Code of Conduct for Tenants and Landlords that mandates Landlords to grant small and medium business enterprises rental waivers and rental deferrals effective from the 3 April 2020 where they are suffering Financial Distress and Hardship as a direct result…
The Federal Government’s “JobKeeper” package was introduced to parliament and the legislation was passed on the 8 April 2020. Under the JobKeeper payment package, eligible employers will receive a subsidy of $1,500 for each eligible employee for up to six months. The “Coronavirus Economic Response Package (Payments & Benefits) Bill 2020” provides for the making…