Smes

Happy New Year and may it be a successful 2022.

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.

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,

On Tuesday, 11^th May, Federal Treasurer Josh Frydenberg handed down the 2021/22 Federal Budget, with a focus on stimulating the domestic economy through measures to better fund the individual taxpayer, increase consumer spending, expand incentive to businesses (allowing them to hire, innovate, and grow), and foster job creation.

As we begin the 2021 Fringe Benefit Tax Year, it is important for SME businesses to continue to maintain their tax obligations - staying current and compliant during the especially unique time.