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Superannuation guarantee percentage to increase by 0.5% to 10.5% from 1 July 2022

The superannuation guarantee (“SG”) is the percentage an employer pays into an employee’s super fund, with the percentage currently set at 10%. This will increase to 10.5% as of 1 July 2022, and if no changes to current legislation, further increases of 0.5% per year every 1 July, until it reaches 12% from 1 July 2025 onwards.

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ATO Focuses on Trusts and Income Distributions

The Australian Taxation Office (ATO) has issued a suite of draft guidance documents and a Taxpayer Alert on the topics of Section 100A and Division 7A of the Income Tax Assessment Act. The documents focus on arrangements commonly seen in family and private groups, and are likely to have significant impacts on the way trusts distribute income to ben...

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Federal Budget 2022 - Opposition Leader's Reply

Anthony Albanese on Thursday 31st March gave the opposition Leader’s reply to the Federal Budget set out earlier in the week.

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Federal Budget 2022

The Federal Treasurer, Mr Josh Frydenberg, handed down the 2022–23 Federal Budget at 7:30pm (AEDT) on 29 March 2022.

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The ATO knows about your cryptocurrency assets!

The ATO receives a wide range of information from cryptocurrency exchanges and other sources about the purchase, sale and usage of cryptocurrency and non-fungible token (“NFT”) assets. Please let us know if you are involved in this space so that we can correctly complete your income tax returns.

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Directors can apply now for their new Director ID

Director identification number (“Director ID”) is a new requirement for all company directors, designed to help combat illegal activity by making it easier to trace directors’ relationships with companies. After 30 November 2022, fines of over $1.1million may apply for non-compliance.

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Apply for a $1500 grant to pay for financial or business guidance

The Tasmanian Government recently announced a new support grant from $750 to $1,500 per annum to pay for financial or business guidance services. Businesses with annual turnover of at least $25,000 and no more than 19 full time equivalent (FTE) employees are eligible.

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From 1 November 2021, New employees will keep their default super fund

The new ‘stapling’ rules mean employees will keep their same super account (if they have one) when they change jobs, unless they choose their preferred super fund.

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Apply before 8 October for the Supercharged Business Support Package

This week the Tasmanian Government announced a supercharged expansion of support grants.

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Applications are now open for the Business Hardship – Border Closure Critical Support Grant

Support grants of between $2,000 and $10,000 are available to Tasmanian businesses that have suffered a significant reduction in turnover as a direct result of lockdowns and border closures in other states.

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