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Practice Update
Super guarantee contribution due date for June 2021 quarter   The due date for employers to make super guarantee contributions for their employees for the June 2021 quarter is 28 July 2021.
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Many of our business clients like to review their tax position before the end of the income year and evaluate any strategies that may be available to legitimately reduce their tax.  Traditionally, year-end tax planning for small businesses is based around accelerating deductions and deferring income.  However, this year, consideration will also need to be…
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Tax saving strategies prior to 1 July 2021   A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward any expected or planned deductible expenditure from a later income year.  However, in light of the continued impact of the COVID-19 pandemic, any tax planning…
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Cryptocurrency under the microscope this tax time   The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars.
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Government proposal to modernise business communications   The Government has committed to modernising certain laws so that they are ‘technology neutral’, to enable easier communication between businesses, individuals and regulators.
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JobKeeper comes to an end   The ATO has advised that the final JobKeeper payment will be processed in April 2021.
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Changes to STP reporting concessions from 1 July 2021   Small employers (19 or fewer employees) are  currently exempt from reporting ‘closely held’ payees through Single Touch Payroll (‘STP’).  Also, a quarterly STP reporting option applies to micro employers (four or fewer employees).  These concessions will end on 30 June 2021.
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New measures applying from 1 January 2021   The Government has provided an update of a number of new measures which came into effect from 1 January 2021, including (among others):
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Improvements to be made to full expensing measure   The government will expand eligibility for the temporary ‘full expensing measure’, which temporarily allows certain businesses to deduct the full cost of eligible depreciable assets in the year they are first used or installed. Editor: The government initially announced in the 2020/21 Budget that businesses with…
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SUPERANNUATION GUARANTEE RATE INCREASE UPDATE   Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee (‘SG’) have continued to be tossed around! The SG is the compulsory amount of superannuation an employer must pay into an eligible employee’s chosen super fund. The rate of SG has been frozen at 9.5% of an employee’s…
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