Industry News & Updates

Stay up to date with the latest news, events and industry updates relevant to your business.

The new Director ID: Do you need one?

November 3, 2021

It’s been a busy year for Australia’s two million plus directors dealing with the pandemic and lockdowns and there’s now a new task on their to-do list. From 1 November 2021, if you’re a director or want to become one, you will need to apply for the new Director Identification Number (Director ID) being rolled…

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Extra super step when hiring new employees

October 4, 2021

There’s a change coming soon that means to comply with ‘choice of fund’ rules you might need to do something extra when a new employee starts to work for you. Currently, if a new employee doesn’t choose their own super fund, you can pay super contributions for them to your default fund. From 1 November, if…

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Confirm your business is still eligible for JobSaver

September 13, 2021

Introduction If you’re receiving the JobSaver payment, you’ll need to reconfirm your eligibility each fortnight to continue receiving payments. You’ll receive fortnightly reminders via email. If you no longer require support, you may request to withdraw from receiving payments. Eligibility You must be currently receiving the JobSaver payment and confirm that you: have continued to experience…

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Tax Benefits of Shares

September 2, 2021

After falling off in the early days of the COVID pandemic, share prices and dividends bounced back strongly in the year to June 2021. Investors who depend on income from their shares also have more certainty now that the Labor Party has dropped its opposition to cash refunds of excess franking credits, a policy that…

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Changes to Superannuation from 1 July 2021

July 1, 2021

As we head into a new financial year, we thought it was important to remind businesses of two important changes to superannuation commencing 1 July 2021. On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated…

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Good Records the Best Defence

June 26, 2021

There are a number of red flags that can spark the ATO’s interest in your business or personal tax affairs. At present though, having applied for early release of your super, or receiving government support through JobKeeper, definitely puts you at a higher chance of an audit. The ATO has identified a number of concerning and fraudulent…

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Counting Down To June

June 4, 2021

With so many of us confined to our homes over the past year, the big deductible item this year is likely to be working from home expenses. Home office expenses The shortcut method covers the additional running costs for home expenses such as electricity, phone, internet, cleaning and the decline in value of home office…

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SMSF Member Limit to Rise

May 3, 2021

For some SMSFs, this will be a welcome change and will mean additional family members can join their existing fund. Implications of the rule change The new legislation is currently before Parliament and should come into force in the second half of 2021. While adding members to your SMSF will be easier, there are potential…

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Stay Safe From Scams

April 5, 2021

Here are some recent scams to be aware of: COVID-19 phishing With increased communications being sent out due to the COVID-19 pandemic, this has also created ample opportunity for scammers. By pretending to be from official organisations, scammers aim to find out your personal information (such as your usernames, passwords, bank details, etc.) – this…

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NSW small business fees and charges rebate

March 30, 2021

If you are a sole trader, the owner of a small business or a not-for-profit organisation in NSW, you may be eligible for a small business fees and charges rebate of $1,500. This rebate helps businesses recover from the impacts of COVID-19 and encourages growth by reducing the cost of running a business. Eligible businesses or not-for-profits only need to apply for the rebate once but can submit multiple claims until the full value of $1,500 is reached. Funds can…

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