Important updates

 

Important updates for individuals and businesses

This newsletter includes a range of information, including:

  1. Super guarantee increasing from 9.5% to 10% on 1st July 2021

  2. Welcome to our new Commercial Accountant, Gavin Hart

  3. Supporting retirees with extension of the temporary reduction in superannuation minimum drawdown rates

  4. Changes to STP reporting from 1 July

  5. Income from more than one job

  6. Deductions you can claim

  7. Growing your super

  8. Deceased estate checklist


Super guarantee increasing from 9.5% to 10% on 1st July 2021

On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate.


We welcome our new Commercial Accountant, Gavin Hart, to our team

Gavin is a Chartered Accountant with 18 years’ experience in public practice and private enterprise.

Gavin’s strength is in understanding key business drivers and providing well-considered analysis to help make informed decisions, implement strategic objectives, and improve systems. 

He spent the early part of his career working in Insolvency and Reconstruction in Australia and the UK, managing a range of appointments and reviews. This provided valuable insight on how businesses can get into financial distress, and the importance of good record-keeping and timely information.

After transitioning to management accounting, he progressed to CFO of a large manufacturing company with responsibility for overseeing the financial management of a growing company, designing internal reporting and performance metrics, and implementing new systems and processes. 

These roles have provided significant exposure to all facets of strategic, operational and general business management, and developed his passion of helping guide business owners to create strong, sustainable businesses.


Supporting retirees with extension of the temporary reduction in superannuation minimum drawdown rates

On Saturday, 29th May, the Federal Government announced the continuation of the 50% reduction in the statutory pension for the 2022 financial year.


Changes to STP reporting from 1 July

Employers should be reporting through Single Touch Payroll (STP) unless they only have closely held payees, or they are covered by a deferral or exemption.

There are changes to STP reporting for small employers with closely held payees and quarterly reporting for micro employers from 1 July 2021. This may affect how you report to the ATO.


Income from more than one job

The tax-free threshold reduces the amount of tax that is withheld from your pay during the year. If you have income from more than one employer, you can generally only claim the tax-free threshold from one of them.


Deductions you can claim

When completing your tax return, you're able to claim deductions for some expenses. Most are costs you incur to earn your employment income.


Growing your super

There are a number of ways you can grow your super to make a positive difference to your lifestyle in retirement.


Deceased Estate Checklist

When a person dies, generally the person responsible for administering the deceased estate is the legal personal representative. This person may be an executor or administrator who has been granted probate or letters of administration by a court.

There are no inheritance or estate taxes in Australia.

When a person dies, the legal personal representative dealing with the deceased person's tax affairs have some important tax and superannuation issues to attend to.

The ATO provides a Deceased Estate Checklist as a handy reference tool.


We are here to help.

Please contact us if you have any questions in regards to any of the above information, or are seeking expert and tailored advice.