Small Business

New Super 'Stapling' Choice Rules now in Effect from 1 November 2021

Nov 29, 2021

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.

Varying PAYG Instalments due to COVID-19

Nov 24, 2021

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.

New Queensland Stamp Duty Relief for Small Businesses

Nov 24, 2021

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.