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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July 2019 - Practice Update

‘Cash in hand’ payments to workers no longer tax deductible The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (‘PAYG’) withholding obligations. Payments...

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