Tax and Super February 2022 Newsletter
The STP regime is a government initiative that is designed to reduce an employer’s burden when reporting to Government agencies such as the ATO. STP phase 2 is now here, and employers must start reporting by 1 March 2022. By consolidating your superannuation, you can potentially save tens of thousands of dollars in fees and charges, thereby boosting your retirement savings. Read about how to do so, and the other benefits of consolidation.
In the May 2019 Federal Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information, building on the first stage of STP which was made compulsory for most employers from 1 July 2019.
As Australia looks to get back to work and continue its recovery, the Temporary Full Expensing (TFE) measures are available to support business and encourage investment. Eligible businesses can claim in immediate deduction for the business portion of the cost of most assets in the year they are first used or installed ready for use.
Thinking about making up for lost time and making extra contributions to top up your super? The good news is that the “catch-up” concessional contribution (CC) rules can help individuals who feel they have missed out on building their retirement savings to make extra before-tax contributions.
At the start of each year, business owners typically review their affairs, including at times their trading structure. Others may be going into business and choosing their initial structure. There are four main business structures – sole trader, company, trust, and partnership (or a combination of these).
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