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Further changes announced: Payroll Tax

payroll tax

A note from the State Government: Payroll tax customers have the option of deferring their payroll tax payments until 14 January 2022. This is an extension on the first deferral date of October 2021. All customers are still required to lodge the 2020/21 annual reconciliation by the due date which has been extended to 14…

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Can employers mandate vaccination?

Vaccination

Many employers are requiring that staff be vaccinated in anticipation of easing restrictions. So, can it be mandated? Industries such as healthcare, aged-care, construction, education, early education/care and disability support services, as well as certain LGA’s of concern, are required by public health order to be vaccinated by certain dates. In this case, the vaccination…

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Legislated review of super fund performance: best and worst funds revealed

superannuation

Earlier this year, the Australian Prudential Regulation Authority (APRA) launched its annual test of superannuation fund performance. 13 funds that hold $56 billion have been put on notice, and members can expect a letter in the mail. The review is part of the Federal Government’s superannuation legislation reform to protect Australians from underperforming funds and…

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Tax debt will impact your credit rating

tax debt

Earlier this year, the Morrison government passed a new set of laws empowering the ATO to report business tax debts of more than $100,000 that are over 90 days late to credit reporting firms. This will impact a debt holder’s ability to get credit or finance on both a business and a personal perspective. This…

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COVID-19: Business JobSaver program expanded

The joint NSW Government and Commonwealth JobSaver program has been expanded to further support businesses and individuals impacted by the extended lockdown. Here’s what’s changed: The maximum weekly payment has also been substantially increased, with employing businesses that maintain their employee headcount now able receive between $1,500 and $100,000 per week, up from $10,000, with…

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AdviceCo team doing things from a (social) distance

COVID has put a dampener on many events and traditions for all of us in Greater Sydney, including some of AdviceCo’s social traditions. The disappointment was real when we had to cancel our End of Financial Year lunch and monthly team meetings, but we weren’t going to give up so easily. With most of our…

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Commercial landlords and tenants: Changes to deal with rent stress

commercial property

On 14 July 2021, the NSW Government changed legislation to support businesses that are financially impacted by the current public health restrictions, and to maximise the businesses that can resume normal operation as soon as this is over and restrictions lift. Landlords are prevented from taking any prescribed action against an impacted business for a breach of a…

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6 steps to your business crisis management plan

crisis management

COVID-19 is the crisis that just won’t go away. From a business perspective, it is critical to factor the pandemic into business management, and it is, thankfully, not an onerous process at all. A good crisis management plan that is put into action will protect and promote your business. It may only take business owners…

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Best and worst stocks of FY21

share market

The last Financial Year was the best since 1987 for Australian shares. A common trend of savvy investors is to sell off winning stocks as soon as the new Financial Year ticks over. This saves them paying tax a year earlier than if it is sold the next fiscal year. Equally, savvy investors bought up…

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COVID-19: Small and medium business support package

COVID business

Support for businesses impacted by COVID has changed shape in the last week or so. Here is what you need to know about the latest small and medium business support package… Joint State & Commonwealth support How much 40 per cent of a business’s NSW payroll payments, at a minimum of $1,500 and a maximum…

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