Following the end of the legislated Superannuation Amnesty Period which ran to 7 September 2020, the ATO released a draft Practice Statement (PS LA 2020/D1) to provide guidance to ATO staff in relation to Part 7 penalties on late Superannuation Guarantee Charge (SGC) Payments. It notes that where SGC is paid late (i.e. after the 28th day of the month following the end of the quarter) there will be a minimum penalty of 100% of the SGC amount and a maximum of 200%. The ATO staff will not have discretion to reduce the penalty below 100% where the employer hasn’t voluntarily come forward to lodge an SG Statement prior to any ATO compliance action.
Prior to 1 July 2020, mandated employer contributions such as Superannuation Guarantee paid into a superannuation account were accepted although, non-concessional or non-mandated contributions made by those aged 65-75 were subject to the “work test”. Effective from 1 July 2020, the Government has abolished the “work-test” for those aged 65 & 66 who make non-mandated contributions (e.g. voluntary contributions) to their superannuation account.
On Tuesday, 6th October, Federal Treasurer Josh Frydenberg handed down the 2020/21 Federal Budget, outlining a further $98 billion in financial economic support, however acknowledging a $200 billion deficit – the biggest since World War II.
Parliament has signed-off on the JobKeeper 2.0 extension, which introduces a new fortnightly payment scheme for participants from 28 September 2020 to 28 March 2021.
For businesses who have employed new full-time employees over and above their capacity across the 2019-20 & 2020-21 Financial Years, you may be eligible to claim a Payroll Tax - 'Employment Growth Rebate', up to the value of $20,000 per year.
As part of the Federal Government's Press Conference earlier today, Federal Government & Treasury have announced the extension of its COVID-19 economic support programs: JobKeeper & JobSeeker; with new changes taking effect from 28 September 2020.
For our latest episode of the 'Building Your Business' podcast, Chris Lewis is joined by Archer Gowland Managing Director, Ian Walker, and special guest: Michael Fingland - CEO/Founder, Vantage Performance.
The ATO has announced its extension of the time-limited ‘Shortcut’ Calculating method for Working from Home deductions, in light of increased COVID-19 restrictions in Victoria.
As part of the new Single Touch Payroll legislation introduced last year, there are a number of End-of-Year Payroll Reporting changes which now require action having entered Financial Year 2020/21.