New process from Nov 1 for employers paying super
Employers will need to comply with the Federal government’s superannuation reforms that will come into effect on 1 November. When employing a new person, employers must supply the usual Super standard choice form where the new employee can nominate an existing fund for superannuation to be paid into. The Federal Government has introduced an additional…
Read MoreProtecting business from imminent supply issues
If lockdown wasn’t hard enough for businesses, the challenges are set to continue as supply lines have been severely disrupted by overloaded distribution and logistics operators, strikes, overseas stock shortages and skyrocketing oil prices. Smart business owners are having to make major adjustments so that consumers don’t turn the blame to them when their goods…
Read MoreProperty: peaks and troughs of 2021-2022
If you are in the market to buy or sell a house, you will have been watching property sales with interest and, in many cases, astonishment. Prices have hit extraordinary highs. The big question on everyone’s lips: will it slow? The short answer: probably not soon, but tighter rules around lending may be on the…
Read MoreFurther changes announced: 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…
Read MoreCan employers mandate 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…
Read MoreLegislated review of super fund performance: best and worst funds revealed
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…
Read MoreTax debt will impact your credit rating
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…
Read MoreCOVID-19 Grants Applications Deadline – 13th September 2021
The deadline for applications for COVID-19 State Government Grant is fast approaching – Monday, 13th September. This deadline is not likely to be extended as it only applies to businesses that were impacted during the first 3 weeks of lockdown after which the JobSaver payment was introduced. We have been busily assisting with the grant…
Read MoreCOVID-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…
Read MoreAdviceCo 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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