April 2021 - Practice Update

JobKeeper comes to an end The ATO has advised that the final JobKeeper payment will be processed in April 2021. Enrolled businesses do not have to do anything when the program closes, although they will need to complete their final March monthly business declaration by 14 April 2021. Also, once a business is no longer...

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March 2021 - Practice Update

Changes to STP reporting concessions from 1 July 2021 Small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ payees through Single Touch Payroll (‘STP’).  Also, a quarterly STP reporting option applies to micro employers (four or fewer employees).  These concessions will end on 30 June 2021. The STP reporting changes that...

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February 2021 - Practice Update

Staff Update After 7 years at reception, Kay has decided to leave Hughes O’Dea Corredig, her last day being 25th February 2021. We wish Kay all the best for the future, words are insufficient to express our gratefulness and appreciation of all that Kay has done at reception and at Hughes O’Dea Corredig during this...

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January 2021 - Practice Update

New insolvency rules commence Important changes to Australia’s insolvency laws commenced operation on 1 January 2021. The measures apply to incorporated businesses with liabilities less than $1 million and are expected to cover around 76 per cent of businesses currently subject to insolvency. The new rules do not apply to partnerships or sole traders. The Treasury’s...

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December 2020 - Practice Update

JobKeeper Update In welcome news, the ATO is extending the due date for lodgement of the December JobKeeper business monthly declaration to Thursday 28 January 2021 (instead of 14 January 2021).  The key dates are as follows : Between 4 January 2021 and 28 January 2021 – complete the December business monthly declaration (this is an extension...

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November 2020 - Practice Update

Tax cuts pass Parliament The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure passage of legislation containing some of the important measures very shortly afterwards, as summarised below. Tax relief for individuals The Government brought forward ‘Stage two’ of their Personal Income Tax Plan...

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September 2020 - Practice Update

Superannuation guarantee rate increase update Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee (‘SG’) have continued to be tossed around! The SG is the compulsory amount of superannuation an employer must pay into an eligible employee’s chosen super fund. The rate of SG has been frozen at 9.5% of an...

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August 2020 - Practice Update

JOBKEEPER UPDATE On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., for a further six months beyond its original end date of 27 September 2020). As a result, JKPs would now be made over two separate extension periods, being: Extension period 1 – which covers the...

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