News and Resources
Director Identification Numbers
The Federal Government has imposed new identification requirements on both current and future company directors in Australia. From 1 November 2021, directors will need to verify their identity as part of a new director ID requirement. A director ID is a unique identifier that a director will apply for once and keep forever. It will help prevent the…
Covid-19 Grants for Business
The Federal Government and NSW Government have announced major Covid-19 support available to business – Business Grants, Micro Business Grants and JobSaver. The full details of business grants are available, and applications are open from 19 July 2021. For JobSaver and Micro business grants, the applications are yet to open to the public in late July. If you have not already…
Increase of the Superannuation Guarantee Contribution (SGC) Rate to 10%
The minimum superannuation contribution rate on ordinary times earnings paid to your employees is about to increase from 9.5% to 10%. This takes effect from 1 July 2021. Computer based payroll systems such as Xero and MYOB should make the correct calculations automatically. If your payroll system is not computer based, you will need to make…
Update to JobKeeper Rules
On 14 August 2020, the Government provided more details about extending the JobKeeper employment test for JobKeeper fortnights beginning on, or after 3 August 2020. Key Points From 3 August, the eligible employee test has been extended to include individuals who were employed on 1 July 2020 (previously 1 March 2020) and are not currently…
Extension to JobKeeper Payments
On 21 July 2020, the Government announced that it is extending JobKeeper Payments for a further 6 months until 28 March 2021 and is targeting those businesses who continue to be significantly impacted by the Coronavirus. What is the Relief? The existing current fortnightly payment rate of $1,500 will remain in place until 27 September 2020 where it…
Extending the Instant Asset Write-Off
On 9 June, 2020, the government announced it will extend the $150,000 instant asset write-off for six months until 31 December 2020. This proposed change is subject to the parliamentary process and is not yet law. Currently, Australian business with annual turnover of less than $500 million are able to take advantage of the asset write-off…