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 […]
Tax Depreciation Business Incentive Summary Information
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
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, […]
NSW Payroll Tax Avoidance Penalties Set for 400% Increase
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 […]
Treasury Reveals Director ID Deadline
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 […]