Insights

Following Royal Assent of the ‘Your Future, Your Super’ legislation, new Superannuation Fund rules apply surrounding a new employee’s superannuation account, which will now follow them from job to job unless they make an active choice to nominate an alternative.

Taxpayers can vary their pay as you go ('PAYG') instalments throughout the year if they think they will pay too much, compared with their estimated tax for the year.

To assist taxpayers who continue to be affected by COVID-19, the ATO has stated that it will not apply penalties or interest on varied instalments for the 2021/22 income year for excessive variations when the taxpayer has taken reasonable care to estimate its end of year tax.

Under newly revised legislation which took effect earlier this year, eligible small businesses can now restructure from trading discretionary trusts to trading companies, gaining access to a Stamp Duty Exemption in Queensland.

Following its initial inception earlier this year, the Federal Government has provided a further extension to eligibility requirements surrounding it’s ‘SME Recovery Loan Scheme’, supporting more small to medium businesses to mitigate the economic impacts of the COVID-19 pandemic.

Under introduced changes by the Australian Business Registry Service (ABRS), effective from 31st October 2021, Company Directors (of all types of companies) will need to register with ASIC and gain a unique 'Director Identification Number' (Director ID) identifier.

The recent NSW Payroll Tax case of Thomas and Naaz Pty Ltd v Chief Commissioner of State Revenue, has raised concern amongst medical practices throughout Australia regarding any impacts it may have for state payroll tax.

For the latest episode of the Building Your Business podcast, Chris Lewis and Smiljan Jankovic are joined by guest: Vanessa Sciortino - Special Counsel, Nicholsons Solicitors.

For our latest edition of the Building Your Business podcast, Chris Lewis & Ian Walker are joined by special guest: Margaret Lawson - Managing Director, Cole Lawson Communications as they discuss the critical considerations for business owners in building your reputation management strategy.

Whilst more details are still to be announced by the QLD Government in the coming days, businesses impacted by the latest lockdown restrictions in Queensland may be eligible for financial assistance and support through the 2021 COVID-19 Business Support Grant.

To our valued community of clients, networks, and industry associates,