Hiring occasional employees? Be aware of important recent changes to super Employers: If you hire staff as a one off, or on an occasional basis, you need to be aware of recent changes to super guarantee (SG). These changes mean that more of your occasional employees may be eligible for super. These SG changes started on 1 July 2022, so you will need to pay super for employees at a rate of 10.5%, regardless of how much they earn. This is because the $450-per-month threshold for SG eligibility has been removed. Example: Yiana is a 20-year-old seasonal fruit picker on a produce farm. She works 15 hours a month for 3 months of the year. Yiana earns $435 before tax. With the removal of the threshold Yiana is eligible for SG, which is to be paid on her ordinary time earnings at a rate of 10.5%. This change doesn’t affect other eligibility requirements for SG. Workers who are under 18 still need to work more than 30 hours in a week to be eligible. For example, Lee is 17 years old and works at the same produce farm as Yiana. As Lee didn’t work more than 30 hours in the […] read more 
Do you employ occasional, casual or short term staff?
Hiring occasional employees? Be aware of important recent changes to super Employers: If you hire staff as a one off, or on an occasional basis, you need to be aware of recent changes to super guarantee (SG). These changes mean that more of your occasional employees may be eligible for super. These SG changes started on 1 July 2022, so you will need to pay super for employees at a rate of 10.5%, regardless of how much they earn. This is because the $450-per-month threshold for SG eligibility has been removed. Example: Yiana is a 20-year-old seasonal fruit picker on a produce farm. She works 15 hours a month for 3 months of the year. Yiana earns $435 before tax. With the removal of the threshold Yiana is eligible for SG, which is to be paid on her ordinary time earnings at a rate of 10.5%. This change doesn’t affect other eligibility requirements for SG. Workers who are under 18 still need to work more than 30 hours in a week to be eligible. For example, Lee is 17 years old and works at the same produce farm as Yiana. As Lee didn’t work more than 30 hours in the […] read more From 1 July 2022 important super guarantee changes will apply to businesses
From 1 July 2022, two important super guarantee (SG) changes will apply to business. the rate of SG is increasing from 10% to 10.5% the $450 per month eligibility threshold for when SG is paid is being removed. What this means for you These changes mean from 1 July 2022: you’ll need to make SG contributions at the new rate of 10.5% employees can be eligible for SG, regardless of how much they earn. You may have to pay SG for the first time for some or all of your employees. We’re working with digital service providers (DSPs) to make sure payroll software is updated in time. We are aware of these changes and able to assist you. What you need to do Check that your software is updated to correctly calculate your employees’ SG entitlement from 1 July 2022. If the removal of the $450 threshold means you’ll be paying SG for one or more employees for the first time, you’ll need to give them a Standard Choice Form. If your employee does not provide you with a choice of super fund, review the Stapled Super Fund information on the ATO website for guidance on what you need to […] read more Federal Budget Special 2022
The Treasurer, Mr Josh Frydenberg, handed down the Federal Budget for 2022-23 on 29th March 2022. In an election year, the focus of Budget was inevitably on pleasing the electorate, with large amounts spent on lower and middle income earners, pensioners and welfare recipients and a 50% reduction in fuel duty all geared towards capturing the votes of “Middle Australia”. For individuals, the centrepiece was the increase in the low and middle income tax offset, which is welcome. People earning up to $126,000 will get a rebate of $420 in excess of what they would have got anyway through the existing tax offset. All you have to do to get it is lodge a tax return for 2021-22 – so funds should start to flow to taxpayers from 1 July 2022. Unfortunately, this is just a short term measure. Next year, the low and middle income tax offset disappears completely – meaning that people earning up to $126,000 will see a tax rise of up to $1,080. It’s hard to see how that will do anything to help cost of living pressures over the medium and long term. Worse, just as most Australians will experience this tax rise, the wealthiest […] read more
2021 benefits for individuals and businesses from the Federal Budget
The Treasurer, Josh Frydenberg, delivered the Federal Budget for 2021 on 11 May. The following is an update of the key tax and superannuation measures. Personal Tax Low Income Offsets – LMITO retained for 2021-22: The low and middle income tax offset (LMITO) will continue to apply for the 2021-22 income year up to the maximum amount of $1,080. Consistent with current arrangements, the LMITO will be received with the notice of assessment after individuals lodge their tax returns for the 2021-22 income year. Low income tax offset: The low income tax offset (LITO) will also continue to apply for 2021-22 income year. The maximum amount of the LITO is $700. Personal Tax Rates unchanged for 2021-22; Stage 3 start from 2024-25 unchanged: In the Budget, the Government did not announce any personal tax rates changes, having already brought forward the Stage 2 tax rates to 1 July 2020 in the October 2020 Budget. The Stage 3 tax changes are expected to commence from 1 July 2024, as previously legislated. Business Tax Temporary full expensing extended by one year: The Government will extend the temporary full expensing measure until 30 June 2023. It was otherwise due to finish on 30 June 2022. All other elements of temporary full expensing will remain unchanged. Loss carry-back extended by […] read more Single Touch Payroll is coming for small businesses
Single Touch Payroll is coming for small businesses If you have any employees, (including yourself), or You are self-employed as a PAYG earner, Then you need to be ready for the changes from 1 July 2019. Big changes are coming to the way your small business reports its employee tax and super obligations to the ATO. The easiest option is using payroll or accounting software which offers Single Touch Payroll (STP). The software means Employers send their employees’ tax and super information to the ATO each time they run their payroll and pay their employees. The new system was launched last year for employers with 20 or more employees, but following legislation passed on 12 February 2019, it has now been agreed that STP will apply to all smaller employers (those with less than 20 employees) from 1 July 2019. No matter how few staff you employ (even one or two), the STP rules will still impact you, even if you don’t currently use a payroll software package. To help small employers, the ATO is preparing a number of measures to ease the burden for small employers still preparing payrolls manually, including asking software developers to build low-cost STP […] read more
Self-managed super funds urged to be careful with property investments
Alert to Self-managed super funds who invest in property without fully understanding their obligations under the law. read more
How superannuation reforms affect individuals and business
The Australian Government is making a series of improvements to super to help protect and grow the savings of all Australians. The first changes applied from 1 July 2012. Individuals To make the most of the improvements, there are a few small things you can do now that can mean big things for your lifestyle in retirement. So take a few small steps to get your super organised. Specifically, as a result of the changes: keeping track of your super will be easier your employer will provide more information about super on your payslip you will have more super for your future Businesses The changes to super mean there will be changes to your super and reporting obligations that you need to start preparing for. If you’re self-employed or have employees, you will need to make changes to the way you pay and report the super contributions you make. In the future, you will have to: provide super information on employees’ payslips progressively increase your super guarantee rate to 12% in annual steps make super guarantee payments for eligible employees 70 years old or older follow the data and e-commerce standard when making super contributions on behalf of your employees […] read more
Keep track of your super contributions
Be aware of how much you can contribute to super can save you money, as there are caps on how much you can contribute before you have to pay extra tax. read more
Key superannuation rates and threshold
These are the key rates and thresholds that apply in relation to contributions and benefits, employment termination payments, superannuation guarantee and co-contributions. read more
Superannuation and unclaimed super
Explains when super may become unclaimed and how you can find it. read more
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