by Shirani Goodman | Jun 22, 2021 | Uncategorized
For 2021-2022 income year a base rate entity is a company that both: has an aggregated turnover of less than the aggregated turnover threshold 80% or less of their assessable income is base rate entity passive income The tax rate for base rate entity for 2021-2022...
by Shirani Goodman | Jun 22, 2021 | Uncategorized
To be eligible for temporary full expensing, the depreciating asset must be; New or second-handFirst held by you at or after 6 October 2020First used by you or installed ready for use for a taxable purpose between 6 October 2020 and 30 June 2022 Certain primary...
by Shirani Goodman | Jun 22, 2021 | Uncategorized
STP is a government initiative which streamlines the reporting of wages, tax and superannuation to the ATO each time a payment is made to an employee. The concessions for STP reporting ends on 30 June 2021. If you have not started reporting through STP you need to...
by Shirani Goodman | Jun 22, 2021 | Uncategorized
From 1 July 2021, superannuation concessional and non-concessional contribution caps will increase, meaning you will be able to put more money into super. The new caps are as follows.: Concessional Cap $27,500 Non-Concessional Cap $110,000 or $330,000 over 3 years...
by Shirani Goodman | Jun 22, 2021 | Uncategorized
On 1 July 2021, the superannuation guarantee rate will increase from 9.5% to 10%. If you are an employer, please ensure your payroll and accounting systems are updated to reflect this change. The rate is scheduled to progressively increase to 12% by July 2025. If you...
