With the advent of a new financial year, there is an important change from 1 July 2021 that employers should be aware of. The rate of super guarantee you’re required to pay your employees has increased from 9.5% to 10%. This is the minimum percentage now required by law but you may pay super at a higher rate under an award or agreement.
As many tenants and landlords turn their attention to their 2020-21 tax returns, one of the big questions is perhaps how they should treat rental concessions provided and received during the last financial year as a result of COVID-19.
Contrary to popular belief, your SMSF can actually invest in collectables such as artworks, jewellery and wine as well as personal use assets such as boats, classic cars or other vehicles. However, investment in these assets must meet very strict and specific rules in order to qualify and thus care should be taken to avoid breaches of super rules in relation to owning collectables and personal use assets in SMSFs.
Castletons is one of the very first accountancy firms in Australia to launch a free mobile Tax App. The great news is that the APP can be downloaded free onto your iPhone,iPad or Android devices. It's packed full of some really useful Tax Tables, Calculators and important financial dates, all of which you will be able to access for free, anywhere you have an internet connection on your device.