If super is not paid by the due date, it is not tax deductible. By law, the ATO cannot extend the due date to pay super. If you miss a deadline to pay your quarterly SG contributions, you need to lodge a superannuation guarantee charge statement to the ATO. If you have partially paid
As you may have heard the NSW Government announced a number of relief measures on 13 July 2021, including a number of measures to assist NSW businesses. The key business relief measures are summarised as follows: • Business Grants Program – Grants of between $7,500 - $15,000 for businesses: a) with wages of up
The Superannuation Guarantee, or SG for short, is an employer’s regular payment to an employee’s super fund. It is currently set at 9.5% of ordinary earnings. The minimum percentage that businesses must pay will gradually grow, with the next increase to 10% coming into effect on 1 July 2021. This will affect all payruns
If you receive Child Care Subsidy and Family Tax Benefit payments from Services Australia, you must lodge your 2019–20 Individual tax returns by 30 June 2021. Lodgment deferrals with the ATO do not alter this requirement. If you are entitled to the Family Tax Benefit but didn’t receive any payments in the 2019–20 financial
In the lead-up to 30 June 2021, we want you to be aware that you need to complete your trust distribution resolutions before 30 June. Why? To avoid paying extra tax of up to 47% of Trust profits. How can this happen? If a Trustee of a Trust fails to make a resolution to
Projecting your cashflow pipeline forwards during a crisis is vital. To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard your cash position. Plus, when you have
The Federal Budget 2021-22 has many announcements and proposals aimed at economic recovery and includes investment in jobs, essential services, business incentives and tax cuts. Budget Highlights for Business Temporary full expensing measures extended until 30 June 2023 – eligible businesses can claim an immediate deduction for the total cost of depreciating assets. Temporary loss
With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2021 to reduce your tax and grow your wealth. Many business owners have reduced their 2021 PAYG installments to Nil during the COVID-19 period, but with JobKeeper payments you may
On 23rd February 2021 Element Business and Accounting Solutions hosted a complimentary webinar where we talked about Seven Ways to Grow Your Business. We covered the key areas in your business that you can influence and the strategies you can adopt to achieve growth and improvement. Understand how to map a clear path to
