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…
Year-End Super Contributions & Minimum Pension Drawdowns
With 30 June 2021 fast approaching, it’s time to think about concessional super contributions and minimum pension drawdowns. Concessional contributions need to be received by the fund before 30 June 2021 to be deductible in this financial year. If you have a total super balance of less than $500,000 and do not use the full…
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…