Superannuation contributions and penalties
Many employers are not aware that if paid late, superannuation contributions can increase to a cost that is multiples of the original amount.
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Video presentations of all things tax and super
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Paying Superannuation Contributions Late
Employers who do not pay the correct super for their employees may have to pay a superannuation charge which is made up of the shortfall amount, interest on that amount (currently 10%) and an
[ Read More ]Small Business Superannuation Clearing House – tax deductions
If you are an employer using the Small Business Superannuation Clearing House to make superannuation contributions on behalf of your employees, there is a tax issue of which you need to be aware.
[ Read More ]JobKeeper — 8 Steps for Enrolment
On 14 April 2020, the ATO released information that discussed an 8 step process for employers who wish to elect to receive JobKeeper payments. The 8 step process involves information passing
[ Read More ]JobKeeper — Steps for enrolling your eligible employees
Employers must confirm who are their eligible employees as part of the JobKeeper rules. On 14 April 2020, the ATO released information that discussed the steps in the process for employers who
[ Read More ]JobKeeper information from the ATO
On 14 April 2020, the ATO released its first piece of more detailed information about the JobKeeper payment. The information covers the process for enrolment by an employer and how
[ Read More ]COVID-19 Cash Flow Boost Example #3
In this video, John Jeffreys, Tax Counsel of Tax & Super Australia gives a third example of how the cash flow boost incentive operates. In this example the business lodges its BAS each month
[ Read More ]COVID-19 Cash Flow Boost Example #2
In this video, John Jeffreys, Tax Counsel of Tax & Super Australia gives a second example of how the cash flow boost operates in practice. In the example, the employer has PAYG withholdings
[ Read More ]COVID-19 Cash Flow Boost Example #1
In this video, John Jeffreys, Tax Counsel of Tax & Super Australia explains how the first and second cash flow boosts apply to a small business that employs two casual employees.
[ Read More ]JobKeeper Subsidy
In this video, John Jeffreys, Tax Counsel of Tax and Super Australia explains the JobKeeper (not JobSeeker) subsidy that was announced by the Federal Government on 30 March 2020.
[ Read More ]Coronavirus Stimulus Package – Example #1 of the Instant Asset Write-Off.
In this video, John Jeffreys, Tax Counsel of Tax and Super Australia sets out an example of the ability to claim the new instant asset write-off that became law from 12 March 2020 as part of the
[ Read More ]Seller of private company shares misses out on small business CGT concessions
The Administrative Appeals Tribunal has decided that a taxpayer failed the maximum net asset value test and could not use the small business CGT concessions following the disposal of a 1/3rd
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