SUPPORT FOR BUSINESSES There are three business assistance programs being made available, and while some are jointly funded by the Commonwealth, all are administered by the NSW Government, and NOT by the ATO. The three programs are: Once off payment of up to $15k “Saving jobs” payment...
A tax deduction is available for superannuation contributions up to the “concessional cap” – which is $25,000 for the 2021 tax year. The ATO only regards payments as being “made” when they are received by your superannuation fund, and NOT when they leave your bank account. Payments...
Mandatory superannuation – called Superannuation Guarantee - is well established in Australia. It is calculated by employers based on an employee’s (or in certain circumstances, a contractor’s) ordinary earnings, and paid regularly by the employer to the employee’s superannuation fund. Currently superannuation guarantee is calculated at 9.5%...
Single Touch Payroll is an ATO initiative to capture detailed payroll data in almost real time. It became mandatory in the 2019/20 financial year for MOST employers. It was introduced to assist the ATO monitor whether the correct amount of tax was being withheld from employees,...
