Super Guarantee Amnesty

Superannuation Guarantee Amnesty In March the government introduced a Superannuation Guarantee Amnesty. The amnesty allows employers to disclose and pay previously unpaid Super Guarantee Charge, including nominal interest, that they owe to their employees for past quarters (1 July 1992 to 31 March 2018). The benefits: Tax deductions for payments of the Superannuation Guarantee Charge No administrative penalty of $20 per employee No Part 7 penalties (which could otherwise be…  Read more

Instant Asset Write-Off Expansion

Instant Asset Write-Off Expansion The Instant Asset Write-off has been extended for six months to 31 December 2020, which means Australian businesses with less than $500 million annual turnover will have more time to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies on a per asset…  Read more

Company Tax Rate Reduction

Company Tax Rate Reduction Starting 1 July 2020, the company tax rate will be reduced to 26% for small- and medium-sized businesses, as part of a larger progressive plan to reduce the company tax rate to 25% from 1 July 2021. This applies to all base rate entities (BRE) – companies, corporate unit trusts, and public trading trusts – which have an aggregated turnover of less than $50 million where…  Read more

Minimum Wage Increase

Minimum Wage Increase The Fair Work Commission has announced a 1.75% increase to minimum wages. This will apply to all award wages and the increase will start on 3 different dates for different groups. Group 1 Awards – from 1 July 2020 Frontline Heath Care & Social Assistance Workers Teachers and Child Care Other Essential Services Group 2 Awards – from 1 November 2020 Construction Manufacturing A range of other…  Read more

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