29 March 2022
If you’re a small business owner, you’ll know that you’re required to pay your employees (and certain contractors) superannuation guarantee (SG) in addition to their salary or wages. But how do you pay your SG contributions in a simple and effective way? The answer is through a superannuation clearing house (SCH).
Continue reading “Paying employees super through a super clearing house” →
3 March 2022
Some good COVID-19 news (at least on the tax front) for employers!
Ever since the arrival in Australia of the Omicron variant in late 2021, the recommended test for detecting COVID has been the rapid antigen test (RAT). Indeed, for some employees, returning a negative RAT has been an ongoing condition of returning to work. As a result, there has been a massive buy up of these tests by both employers, employees and by others – often at significantly marked up rates. On the tax front, relief is now at hand!
Announcement
In a press release dated 8 February 2022, the Assistant Treasurer announced that COVID‑19 tests (including Polymerase Chain Reaction (PCR) and Rapid Antigen Tests (RATs)) are now tax deductible, and exempt from FBT for employers, where they are purchased for work‑related purposes. This will apply both when an individual is required to attend the workplace or has the option to work remotely.
Continue reading “RAT and PCR Tests – favourable tax treatment for employers” →
3 March 2022
With Australia now opening back up after the COVID restrictions, unemployment is tipped to fall to the lowest rate in just over 50 years – down to under 4%. If over the coming period you hire new staff, there are certain steps you should follow to cover off on your tax, workplace, and superannuation obligations.
31 January 2022
Further to our previous correspondence regarding SA Government support for COVID affected businesses, as at 29 January 2022, further grants have been released. In addition to the grants available for the period 27 December 2021 to 9 January 2022 (inclusive), there is now additional support relating to the turnover period 10 January 2022 to 30 January 2022 (inclusive).
The additional grants available, tabled under the Grant Program “Additional Round (January 2022)” include:-
Who can access the grants?
Tourism, hospitality and gym grant
Business hardship grant
Major events grant
Payroll tax relief
Tourism, hospitality, gyms and other eligible businesses impacted by the trading restrictions in place from 27 December 2021 may apply to RevenueSA for a deferral of payroll tax due over the period from January 2022 to June 2022, with these deferred payments due from July 2022.
Further information is available at https://www.revenuesa.sa.gov.au/grants-and-concessions/covid19-relief
A good summary of the SA Government COVID-19 Business Support Grants can be found here
12 January 2022
As we continue to find ourselves in these challenging times, we understand you may have concerns about the ongoing effects COVID-19 has on your businesses and means of support. As always, should we be able to assist you and your business navigate your way through this ever changing economic climate, please do not hesitate to contact us. Please note during this time we are trying to limit face to face meetings and where possible, are requesting meetings be held remotely via zoom, phone etc. Please contact your advisor if you have particular concerns, but please feel reassured that we will be there to help where we can.
With many businesses continuing to suffer the effects of COVID-19 restrictions, the SA Government have introduced a support package which your business may be able to access.
So what grants are available?
Who can access the grants?
Tourism, hospitality and gym grant
Business hardship grant
Major events grant
Please note that currently the application systems for the COVID-19 Tourism Hospitality and Gyms and COVID-19 Hardship grants will not accept applications from businesses commencing operation after December 2020.
The Government has determined that eligibility for these grants will be extended to these businesses and the application systems are being updated to enable these applications.
Applications will now be extended to businesses commencing prior to 30 November 2021. For businesses that commenced trading after December 2020, the comparison period will be the average fortnightly trading activity between when the business commenced and 30 November 2021.
Changes to the application form to allow businesses established after December 2020 to apply for the COVID-19 Tourism Hospitality and Gyms and COVID-19 Hardship grants will be made by Friday 14 January 2022.
Payroll tax relief
Tourism, hospitality, gyms and other eligible businesses impacted by the trading restrictions in place from 27 December 2021 may apply to RevenueSA for a deferral of payroll tax due over the period from January 2022 to March 2022, with these deferred payments due from April 2022.
Further information is available at https://www.revenuesa.sa.gov.au/grants-and-concessions/covid19-relief
Liquor licence relief
Please get in contact with us if your business involves the need for a liquor licence, as there is potential relief available for certain businesses.
If we can assist with the above or any other matters, please do not hesitate to contact us at admin@nulli2advisory.com.au or 08 8132 6400.
13 December 2021
Imagine you’re lucky enough to inherit, say, four post-CGT rental properties from a deceased parent – but what happens when your sibling also inherits a half-share of these?
While you both acquire a very valuable 50% interest across four properties, it’s safe to say that in most scenarios, you’d both rather have a 100% interest in two of them.
Continue reading “Inheriting rental properties jointly A dilemma?” →
13 December 2021
There comes a time in many people’s lives when they are appointed the executor of a deceased estate.
Even in the simplest of estates, though, the responsibilities involved can be quite onerous – and getting things wrong can make even the executor personally liable.
It’s therefore normally recommended to get professional assistance with this task.
Continue reading “Becoming the executor of a deceased estate” →
28 November 2021
When do employee gifts and celebrations attract fringe benefits tax (FBT)? And when are they exempt?
Christmas is traditionally a time of giving – including employers showing gratitude towards staff for a job well done. However, Christmas parties and gifts can attract the attention of the Taxman.
In certain circumstances, an employer can hold a Christmas party for staff and the cost of the party be exempt from Fringe Benefits Tax (FBT).
Take, for example, an employer who holds a Christmas party at a restaurant for employees and their partners and, apart from perhaps the Melbourne Cup, it is the only social function they provide for employees each year. Where this is the case, the party is very likely to be exempt from FBT provided the per-head cost (dinner and drinks) is kept to less than $300 per person. To enjoy this exemption, the employer must use the “actual method” for valuing FBT meal entertainment.
7 November 2021
A new law will level up the playing field for divorcing couples to ensure both partners have fair and equitable access to superannuation, particularly during acrimonious family court proceedings.
For many Australians, superannuation is their second biggest asset aside from the family home. In a divorce situation, it’s important that both partners, including those with lower superannuation balances who may have taken time out of the workforce to care for children, get their fair share of available super.
In the case of an amicable divorce where both partners are being open and honest, splitting super is relatively straightforward. Yet it can be much harder to split when there is animosity between the divorcing couple, family law proceedings are occurring, and one partner is being dishonest or evasive about how much super they have.
Continue reading “New laws to improve the way super is divided in divorce” →
26 October 2021
We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes.
To do this make sure you have:
It’s important to have good records that are up to date. It can help to have a dedicated business bank account to help keep business transactions separate from your other finances.
Continue reading “Avoid common mistakes in your business return, and include appropriate income” →
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