Superannuation Guarantee rate increases to 10% on 1 July 2021 The Superannuation Guarantee (SG) rate as currently legislated will increase from 9.5% to 10% with effect from 1 July 2021 with further increases of 0.5% per year to come from 1 July 2022 until it reaches 12% from 1 July 2025 onwards. The SG rate increases were not affected […]
Are you ready for Tax Time 2021? Don’t jump the gun and lodge too early Tax time 2021 is almost here, but it’s likely to be anything but routine. Many individuals on reduced incomes or who have increased deductions may be eager to lodge their income tax returns early to get their hands on a […]
Are you ready for Tax Time 2021? Don’t jump the gun and lodge too early Tax time 2021 is almost here, but it’s likely to be anything but routine. Many people on reduced incomes or who have increased deductions may be eager to lodge their income tax returns early to get their hands on a […]
The latest Federal Budget announced a welcome extension to the full expensing policy. BMT tax Depreciation Quantity Surveyors provide 3 tables summarising all the 2020 to 2023 business stimulus incentives available for plant & equipment purchases for small, medium and large businesses. The tables show qualifying dates and thresholds to make it easy for you to quickly […]
Federal Budget 2021 – 2022 PERSONAL TAXATION Personal tax rates unchanged for 2021–2022 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, […]
Independent resolution process for small businesses now permanent Small businesses now have another pathway to resolve tax disputes, with the ATO making its independent review service a permanent option for eligible small businesses (those with a turnover of less than $10 million) after a successful multi-year pilot. The service’s original pilot commenced in 2018 and centered […]
NSW Minister for Finance and Small Business Damien Tudehope on Wednesday announced a package of new tax laws which will see fines of $110,000 and imprisonment issued to businesses committing wage theft, and empower Revenue NSW to name and shame offenders. “The new legislation, including harsher penalties and naming taxpayers who have underpaid payroll tax […]
The new dates come as the government looks to introduce the director ID regime to prevent illegal phoenixing by ensuring directors can be traced across companies, while also preventing the use of fictitious identities. The new regime will require all directors to provide a number of documents to establish their identity with the Commonwealth Registrar […]
It’s time to consider FBT If your business has provided any benefits to your employees, you may be liable for fringe benefits tax (FBT). This includes benefits to current, prospective and former employees,as well as their associates. It’s important to keep in mind that this applies no matter what structure your business has – sole […]
It’s time to consider FBT The ATO has issued a worksheet which summarises the FBT rates and thresholds for 2021–2022 (ie 1 April 2021 to 31 March 2022). Most of the rates have been previously announced, but the worksheet helpfully puts the numbers in one place and does include two previously unannounced thresholds. New numbers […]