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11newsletter

Weekly Newsletter April 7th

Super Guarantee Charge reminder.

This is just a reminder that employers must meet their SGC obligations by the due date for the last quarter, which is  Thursday 28th April 2022.

The date super has been paid is when the payment hits the employee’s super account, not the date that an employer pays the super to the clearing account.

In some circumstances, It can take several days for the employer’s super contributions to clear through a super clearinghouse. Then it will be processed and recorded against the employee’s account. We, therefore, recommend paying the employee super guarantee at least 5 working days before the ATO due date. This will allow enough time for your payments to be processed before the quarterly due dates. Your cloud accounting software provider may state that the super has to be paid even earlier than this for processing times. . This is especially around the end of the financial year.

We also recommend making monthly or fortnightly super payments to reduce any risk of late payment. If you are going to do this, make sure the total SG obligation for the quarter is received into your employee’s super fund by the ATO due date.

The ATO is watching. STP reporting and information provided by Super Funds means that the ATO can see if you have met your obligations. If you are having trouble meeting your obligations, don’t hesitate to get in touch with us to discuss your situation, and we can work with you to find a solution.

Most search easter eggs according to google in 2021.

This is what Australians were searching for when it came to Easter Eggs and chocolates in 2021.

  1. Cadbury Creme Egg
  2. Mini Eggs
  3. Kinder Surprise
  4. Cadbury Caramilk
  5. Kit Kat Bunny
  6. Lindt Gold Bunny
  7. Violet Crumble Bunny
  8. Kinder Mini Eggs
  9. Ferrero Rocher Squirrel
  10. Smarties Easter Egg

What’s your favourite?

11newsletter

Weekly Newsletter March 31st

The Federal Budget 2022


Here is our quick summary of the Federal Budget handed down on Tuesday. The Budget focused on keeping business and the economy going during uncertain times. It would be also be drafted with a focus on the following Federal Elellection due soon. Media reports indicate that if there is a change of Government, the ALP will publish a newly revised budget in July or August this year, which may not result in all initiatives etc., being fulfilled or modified.


Here are the critical points that we believe will impact our clients:
• 120 % tax deductions for small and medium business spending on Training and new technology
• No further extending the temporary full expensing of equipment investments
• $1.3 billion to businesses to fund apprenticeships
• ATO will be allocated more money to chase tax cheats
• PAYG system to better match a business trading result
• TPAR reporting changes to make it easier for businesses to report
• Super pension drawdown rates halved till the start of July 2023
• As previously announced before the Budget, the work-related COVID 19 test expenses incurred by individuals will be tax-deductible.


Small Business Full Expensing is finishing up!


The full expensing instant tax deduction has not been extended, meaning businesses will have to install or use the new equipment by June 30, 2023, to claim full expensing provisions.

In replacing full expensing, we have a New Technology & Training Tax Break


The new temporary tax break is for businesses that invest in either new technology or employee training and skills development.

Employee Training
As of Tuesday night, for every hundred dollars a small business spends on training their employees, they will get a $120 tax deduction,

Technology incentive

As of Tuesday night, every hundred dollars small businesses spend on digital technologies — such as cloud computing, e-invoicing, cyber security and web design — results in 120% tax deduction.
Limited to Investments of up to $100,000 per year will be supported by this new measure; however, if you are spending more, please see us as the existing immediate write off provisions still apply till 2023

How it works in real life, reducing the cost of Training or technology!


For example, Smith Co Pty Ltd has engaged an RTA business in Australia to provide Training staff to its employees online. The total cost of Training was $10,000. Smith & Co Pty Ltd will be able to claim 120% (i.e. $12,000, as a tax deduction concerning these expenses)

The True Cost of the Training from a cash point of view


Cost of training $10,000, payable now when you buy it
Claim tax deduction of $12,000 (still to be clarified – 2023 year )?
Real cash tax-saving @ company tax rate $ 3120
Net cost of training $6,880

A reminder that Loss carryback rules still apply for the next two years

Loss carryback provides a refundable tax offset that eligible corporate entities can claim:
• after the end of their 2020–21, 2021–22 and 2022–23 income years
• in their 2020–21, 2021–22 and 2022–23 company tax returns.
Eligible Companies can obtain the offset by choosing to carry back losses to earlier years in which there were income tax liabilities. The offset effectively represents the tax the eligible entity would save if it could deduct the loss in the earlier year using the loss year tax rate. As it is a refundable tax offset, it may result in a cash refund, a reduced tax liability or a reduction of a debt you owe us.
Loss carry back tax offset – Australian Taxation Office. https://www.ato.gov.au/Business/Loss-carry-back-tax-offset/?=redirected_losscarryback

Fuel costs temporary relief

Petrol and diesel excise will be reduced by half for six months, saving 22 cents for next six months. Hoping this is passed on to the small business at the petrol bowser

Tax Bonus when you lodge your 2022 return

Low Middle-income tax offset (LMITO) — in 2022 can put up to another $1,500 against your tax refund once you’ve done a tax return in 2022

Draw down rates for Self Funded Retiree Pensions – 50% reduction till June 2023

11newsletter

Weekly newsletter

Insolvency – Worrells Liquidation observations

Despite the last 2 years being a rocky road for small businesses in Australia, liquidations and actions by the ATO have been very low. Yesterday I attended the Worrells Solvency seminar on the current state of play. Here is a quick summary:

  • The ATO has been quiet over the last 2 years about debt recovery, but soon the sleeping giant will awake!
  • Jobkeeper forced many taxpayers  to get their lodgments up to date, so the ATO is aware of who owes what,
  • ATO debt is sitting at $61 billion outstanding. That’s a lot to collect expected that $20 Billion might never get collected
  • ATO has been kind regarding payment plans, but now it is likely that things will tighten up.
  • Last 2 years, there has been a drop off insolvency appointments, but soon the ATO will start,
  • The prediction is that corporate insolvency appointments will rise with higher interest rates, lack of supply and labour, and more excellent ATO activity.
  • Directors changes in terms of appointment and debt

Small Business needs to start managing their debt. To avoid becoming personally liable for ATO Debt in an insolvency situation, make sure you ensure that all returns are lodged on time or within three months of the date of lodgment.

If you need advice on how to manage your debt, please call us, and we can assist you in exploring your options

Like Real Estate, then listen to our client Sue

and her podcast Real Estate Right

The podcast is designed to educate, inform and better prepare the public with expert information about how to maximise their real estate transactions and dealings

PODCAST! – go to her website or search on Spotify etc

https://www.podbean.com/ew/pb-uupcs-11d0846

TOP EXPERTS TALK ABOUT HOW TO BUY, SELL, RENT AND INVEST… RIGHT!

New date for online “Freedom Discovery Workshop.”

Join us as we explore what business freedom means to you and your business

New date Monday, April 4th 7:30 pm online – rsvp admin@gartly advisory.com.au

https://www.eventbrite.com.au/e/276167834427

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