Superannuation tax reforms – government back flips The government has announced changes to superannuation tax reforms they took to the election. The Australian Government in an attempt to keep backbenchers and party members inline, has tempered down superannuation changes and delivered mixed news for Australian taxpayers. The changes include the abandonment of the proposed $500,000 […]
Key dates August 2016 Key dates August – It is the reporting season and there are a few key dates that any business owner or manager should be aware off. 11 Aug Activity statements Quarter 4 (April – June) activity statements lodged electronically – final date for lodgment and payment. Refer to Lodge your activity statements […]
Employee vs Contractor Are you hiring an employee or contractor? It’s important you get this right because it affects your tax, super and other obligations. If you wrongly treat your employees as contractors you risk having to pay penalties and charges. If you’ve previously hired a worker without checking whether the arrangement is employment or […]
Superannuation Contribution Concessional Cap Limits Superannuation contribution cap limits 2015-2016 need to be considered with the financial year finishing next week. There are two types of super contributions: concessional (before-tax) contributions non-concessional (after-tax) contributions. Types of concessional (before-tax) contributions include: employer contributions, such as compulsory employer contributions paid by your employer any additional pre-tax super […]
SuperStream deadline is rapidly approaching With the June 30 deadline rapidly approaching, the Australian Taxation Office is encouraging small businesses to make becoming SuperStream ready a priority. SuperStream – the standardisation of how employers make super contributions on behalf of their employees – involves employers sending all super payments and employee information electronically in a […]
Superannuation For most people, superannuation begins when you start work and your employer starts paying super for you. If you’re a contractor, you may also be entitled to super. If you’re self-employed, you can choose whether to contribute super for yourself. You should provide your tax file number (TFN) to your employer and/or super fund. […]