As part of the Level 2 COVID-19 Business Assistance Package, two tiers of support are available to small businesses who have experienced a decrease in turnover for any two week period since 1 January 2022. The Level 2 COVID-19 Business Assistance Package – Small...
Single Touch Payroll (STP) is how you send your payroll information to the ATO and it’s been around since July 2018. The ATO is expanding STP to include additional information in your payroll reporting. They’re calling this expansion STP Phase 2 and it...
Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the...
In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become normal....
What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a director, change companies, change their name, or move overseas. The introduction of the...
On 15 October 2020, the Australian Taxation Office (ATO) released Practice Statement Law Administration PSLA 2020/3 to guide its staff on how to apply administrative penalties imposed on Self Managed Superannuation Fund (SMSF) trustees under subsection 166(1) of the...
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