Timely Opportunities
COVID-19 Vaccination Rewards: Tax Implications Amidst the current Omicron wave, and the government shortening booster dose intervals, many businesses are encouraging their employees to get either vaccinated or the booster dose by offering rewards or incentives. While this is an effective way to help the employees stay safe and businesses to stay open, there may […]
More support for NSW businesses as Premier declares ‘national emergency’
Projections from earlier in the week by the Population Interventions Unit at the University of Melbourne estimated that Sydney’s stay-at-home orders would need to be extended into September to get the latest outbreak under control, meaning businesses could be facing prolonged closure. On Friday, facing yet another day of rising case numbers, NSW Premier Gladys […]
Parliament Passes Bill on Tax-Free COVID-19 Support Payments
The Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill 2021 finally passed both houses without amendment on Monday after the Senate agreed not to insist on a transparency measure which would have forced businesses to disclose how much they received in JobKeeper wage subsidies. Under the new law, COVID-19 Disaster Payments dating back to its introduction on […]
Lost paper receipts see 1 in 4 SMEs miss out by thousands
A new report conducted by Aussie fintech company Slyp and big four bank NAB surveyed over 300 businesses to identify the impact paper receipts have on SMEs come tax time. According to the research, 25 per cent of those surveyed have lost up to $10,000 by simply misplacing receipts. A further 8 per cent of those […]
Superannuation Guarantee Changes from 1 July 2021
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 […]