Employers may soon need to do something extra when a new employee starts to work for them. Currently, if a new employee does not choose their own fund, their employer can pay contributions for them to a default fund. From 1 November 2021, if a new employee does not choose … Read more

The ALP has formally announced that, if elected to Government, they will deliver “the same legislated tax relief . . . as the Morrison Government”. This means they have committed to upholding the legislated changes to personal income taxes, and will also maintain the existing regimes for negative gearing and … Read more

The ATO has released a Ruling explaining: when an employee can deduct accommodation and food and drink expenses when travelling on work; the FBT implications, including the application of the ‘otherwise deductible rule’, where an employee is reimbursed for accommodation and food and drink expenses, or where the employer provides … Read more

The ATO has recently issued approximately 30,000 Division 293 assessments for the 2018/19 and 2019/20 financial years. Editor: Division 293 tax is an additional tax on super contributions, which reduces the tax concession for individuals whose combined income and contributions are greater than the Division 293 threshold (currently $250,000). Due … Read more

The Government is providing additional support to small and medium sized businesses (‘SMEs’) by expanding eligibility for the SME Recovery Loan Scheme. Specifically, in recognition of the continued economic impacts of COVID‑19, the Government will remove requirements for SMEs to have received JobKeeper during the March quarter of 2021, or … Read more