Tailored Accounts facebook   +61 2 6169 5196

ATO outlines STP Phase 2 changes

  • Read: 48 times
Source: AccountantsDaily Key changes being introduced under the Single Touch Payroll Phase 2 regime have now been detailed by the ATO, including categories of payments that employers will now need to report. Mandatory STP Phase 2 reporting is now set to commence from 1 January 2022, as the government looks to reduce the reporting burden for employers who are currently required to provide employee information to multiple government agencies. The expansion of STP will see additional information required to be reported each payday, building on basic salaries and wages information reported through the original STP regime that first began in…
Read more...

Part 7 Penalty: Directors Are Personally Liable When Facing Super Guarantee Stuff-Ups (Part 2)

  • Read: 50 times
Due to Covid-19, there was an amnesty period for businesses to comply and voluntarily disclose their unpaid super via SGC (Super Guarantee Charge) without incurring the administrative penalty or administration component, and to claim a tax deduction for the Superannuation Guarantee Charge (SGC) amounts paid. The Superannuation Guarantee (SG) Amnesty closed on Monday 7 September 2020. Business owners should have received letters from ATO if they were having unpaid super without lodging SGC by that time. Business owners, directors and volunteer directors of NFPs should pay attention to the key dates below: Understandably, your business might have a cash flow…
Read more...

Part 7 Penalty: Directors Are Personally Liable When Facing Super Guarantee Stuff-Ups (Part 1)

  • Read: 67 times
Author: Harry Hoang CPA ATO’s increased focus on unpaid superannuation contributions There are often myths and misunderstanding surrounding the Super Guarantee (SG) Obligations within our SME and Not-For-Profit communities. Not-for-profit volunteer directors would often expose themselves to a large extent of liability risks if their management do not comply with the superannuation law. Part 7 Penalty dictates that directors will be personally liable for an amount equal to any unpaid superannuation guarantee contributions. This article will explain the implications of Part 7 Penalty on unpaid super and the consequences of failing to meet your SG obligations as directors. A few…
Read more...

Family Business Australia: An Introductory Guide to Family Business Succession Planning

  • Read: 61 times
Source: Family Business Australia Many family business owners hope to pass on their business to the next generation. Family business succession maintains the strong connection between the two most important things in a family business owner’s life; their business and their family. Succession can also be the perfect way to cap off the business owner’s personal business journey. Together with the Australian Small Business and Family Enterprise Ombudsman’s office, Family Business Australia created An Introductory Guide to Family Business Succession Planning that provides a step-by-step guide to passing the family business on to the next generation. This introductory guide draws…
Read more...
Subscribe to this RSS feed