Due to the ongoing economic impacts of COVID-19 on large parts of Australia, in particular those States and Territories which have had to endure lengthy lockdowns throughout the year, the ATO has announced the extension of various COVID-19 relief for SMSF trustees to the 2021-22 financial year. The relief previously only applied to the 2019-20 and 2020-21 financial years.
The government has announced the phasing out of the COVID-19 disaster payment to individuals as the country gradually reaches various vaccine targets and learns to live with the virus. The payment was begrudgingly provided by the Federal government during the current wave of lockdowns after criticisms and calls to bring back to JobKeeper which kept the relationship between employers and employee intact.
Employers beware, from 1 November 2021, if you’re hiring new employees, there may be an extra step involved in determining which super fund employee contributions need to be paid into. Currently, when a new employee starts a new job, they are eligible to choose the super fund that their super guarantee contributions go to. If they do not choose their own fund, the super contributions will be paid into the employer’s default fund.
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.