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superannuation guarantee
ATO’s lodgment penalty amnesty is about to end   The ATO is remitting failure to lodge penalties for eligible small businesses.  Businesses which have not yet taken advantage of the ATO’s lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria in order to be eligible for…
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New 15% super tax to apply from 1 July 2025   The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation.  The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year).
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2022-2023 Budget Measures that are now law Low and Middle Income Tax Offset   A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420.  The LMITO is a tax offset which reduces an individual taxpayer’s…
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TREASURY LAWS AMENDMENT (2020 MEASURES NO 3) BILL 2020 Treasury Laws Amendment (2020 Measures No 3) Bill 2020 has passed both Houses of Parliament and is now law. EXTENDING THE INSTANT ASSET WRITE-OFF This legislation amends the income tax law to allow a business with an aggregated turnover for the income year of less than…
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PAYG and deductions for payments to workers The ATO has reminded business taxpayers they can no longer claim deductions for certain payments to workers if they have not met their PAYG withholding obligations from 1 July 2019.
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On 24 May 2018 the government announced a one off 12-month superannuation “amnesty” guarantee which gives employers one off opportunities to disclose any errors in superannuation guarantees to the ATO without the risk of bring penalized. This bill was reintroduced on 18 September 2019 with an amnesty beginning on 24 May 2019.
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