For those of you in pension phase, there has been an extension of the temporary reduction in superannuation minimum drawdown rates through to financial year 2022/23 From 1 July 2022 minimum pensions will again be halved for all account-based and term allocated income streams as follows: Account-based pension minimums Age Standard Minimum Reduced Minimum for 2022/23… Read More Pension Minimum – Relief Extended
The start of a new tax year results in PAYG instalments being automatically reset for the September quarter, even if they have been varied down previously. The ATO calculate instalments based on the last tax return lodged, which at this point in time is probably 2021 for most people. Therefore if your income in 2022/23… Read More Varying your PAYG Instalments
We still have a few of you that are yet to let us know your Director ID numbers. You must have your number before 30 November to avoid fines and penalties. Remember Director ID numbers are required for all directors of companies. This includes corporate trustees of SMSFs and Family Trust and Directors that may… Read More Director ID Number – Deadline
If you had an amount of tax to pay from the lodgement of your 2021 tax returns, that tax is due now. Please note that the ATO do not send reminders, so please arrange payments where applicable ASAP in order that we don’t need to chase you! Makes our job so much easier! If you… Read More Final 2021 tax payments due
Although a common strategy, it appears the ATO have recently decided that distributing trust income to adult children (but not giving them the cash) is no more than tax avoidance. This is such a shame as it was one of the few, fun tax planning strategies we had left in the tool box. Not to… Read More Trust Distributions to Adult Kids
With the recent closure of the Cathay Pacific bases in Australia, resulting in nearly 120 pilot redundancies, some are considering returning to Hong Kong to continue their flying careers. A job may be better than no job, however working in HK needs to be considered very carefully from a tax perspective. If you leave your… Read More Returning to Hong Kong
As you may have read, recent changes to the Jobkeeper rules mean that you may have employees who, although not eligible previously, are eligible now. The “one in all in” requirement still applies so you cannot choose to ignore this! It is the employer’s responsibility to ensure they have included all eligible employees. Therefore all… Read More Jobkeeper Urgent Action
Another day, another support package. This time the JobKeeper Payment. Not yet legislated but soon will be, this is a great boost for casual workers & the self employed who may now be eligible for some $ – in some lucky cases more than they originally earned. However, this will increase administration for companies who… Read More JobKeeper Payment
If you are in the unfortunate position of needing to stand down employees due to Covid-19 make sure you comply with Australian work place laws. Workplace Australia have a useful page detailing what employers can and can’t do in these difficult times. Click the link for further details. https://coronavirus.fairwork.gov.au/#stand-down Lindsay 0413 952180
The March 2020 BAS statements are starting to arrive, along with a deluge of client queries as to how to complete them in order to receive the government assistance. So here we go …… Complete the BAS exactly the same as normal The ATO credit will happen automatically If you have paid employees in the… Read More Completing the March 2020 BAS for Covid Refunds
Bridgland & Co Blog 