The Latest News

Extra super step when hiring new employees   Employers may soon need to do something extra when a new employee starts to work for them.
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PACIFIC AUSTRALIA LABOUR MOBILITY SCHEME CHANGES   The government recently announced changes to the above scheme, including:
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Extending administrative relief for companies to use technology   The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001
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OVERVIEW OF RECENT STATE AND TERRITORY VISA CHANGES   New South Wales Nominations for the Skilled Work Regional (Provisional) Subclass 491 made through NSW will now be nu invitation only. Consequently, a new nomination application process has been devised:
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Reminder of superannuation caps indexation for 2022   From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year.
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Editor: The following is an overview of the status of the various state/territory visa programs as they currently stand at the date of publication.
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The NSW government is offering businesses support grants to help alleviate cash flow constraints while trading is restricted. The grants can be used to cover business related expenses such as rent, utilities and wages, for which no other government support is available.
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What methods does the government use to help determine which occupations should be given priority for migration and visa purposes?   The Government established the National Skills Commission (NSC) in July 2020 in order to provide expert advice provides expert advice on Australia’s labour market and current and future workforce skills needs.
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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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Additional Occupations added to Priority Skilled List   The government has recently announced that additional 22 occupations have been added to the Priority Migration Skilled Occupation List (PMSOL) designed to ensure that critical skills shortages as a result of the global COVID pandemic can be met.
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Super guarantee opt-out for high income earners now law From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.
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$30,000 instant asset write-off The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.
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“Outrageous” deductions rejected The ATO has published some of the most unusual claims that they disallowed last financial year.
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Tax cuts become law The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in 2022/23.
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‘Cash in hand’ payments to workers no longer tax deductible The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (‘PAYG’) withholding obligations.
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Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax.   Traditionally, year-end tax planning for small businesses is based around two simple concepts – i.e., accelerating business deductions and deferring income.
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Tax saving strategies prior to 1 July 2019 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. The tax rates for resident (adult) individual taxpayers for the 2018/19 income year are as follows:
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Single Touch Payroll Update Employers with 19 or fewer employees are required to start reporting through Single Touch Payroll (‘STP’) from 1 July 2019. The ATO will be working with employers to support them as they transition to STP, including allowing small employers to start reporting any time from 1 July to 30 September (and…
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Federal Election called! The Federal Election has been called for Saturday 18 May 2019, and the Governor-General has ‘prorogued’ the Parliament from 11 April 2019 until 18 May 2019, and dissolved the House of Representatives.
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