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From November 1st 2021, employers will need to complete a different procedure for new employees when it comes to superannuation. The current situation is that if an employee doesn’t stipulate which superannuation fund they would like contributions made to, employers can assign them to a default superannuation fund. As a result, some employees “collect” several…
The tax considerations of being self employed in Australia are unique. Legally minimising your tax burden and taking advantage of every available deduction requires careful and informed forward planning of tax minimisation strategies. If undertaken without professional guidance, tax management can be riddled with missed opportunities for claiming tax benefits. Unanticipated and unnecessarily large tax…
What the extension of JobKeeper payments means for you In June 2020, the Australian Government announced they will be extending the JobKeeper payment for eligible businesses and not-for-profits until the 28 March 2021. Originally, the payment was set to run until the 27 September 2020. Priority for this extended support will be given to not-for-profits…
Although some of the restrictions imposed due to the pandemic have now eased, many businesses are continuing to face significant financial hardship. For some, this means there are difficult decisions to be made regarding taking on new staff and/or retaining existing staff members. Apprentices and trainees are particularly vulnerable: not only are employers reluctantly considering…
For business owners, making superannuation contributions for employees is essential. However, coordinating payments from different super funds can be complex. Thankfully, the Australian Government makes the process less stressful with the Superannuation Clearing House. It’s designed to eliminate red tape and reduce unnecessary overheads for small business owners. In this comprehensive article, you’ll learn what…
As part of a stimulus package to deal with COVID-19, the ATO has introduced the JobKeeper payment scheme. If you are a business owner, then the team here at Pherrus can help you through this crisis and provide all the crucial accounting advice to help you survive and thrive. Already signed up for the JobKeeper…
With the social distancing and shut-down measures that have been imposed in order to combat the spread of Covid-19, many businesses are really feeling the financial pressure. In order to enable as many enterprises as possible to survive, and even thrive, during and after the current wave of Covid-19 restrictions, the government has put together…
The Covid-19 pandemic is a worrying time, not least because many businesses are wondering how best to support their employees when income has dried up. To assist the many enterprises across the country that have either had to close completely or seen a dramatic reduction in trade due to the pandemic, the government has put…
Federal Court Upholds Tax Credit, Despite Non Reporting of PAYG Withheld Amounts It is commonly understood that all PAYG amounts classed as “withheld” from the salary or wages of a taxpayer, must be reported to the ATO. This is a standard element of tax compliance, and is something that the vast majority of Australian tax…
On December 12, 2018, a new act took effect in Australian employment law. This is the Fair Work Amendment (Family and Domestic Violence Leave) Act 2018, an updated component of the Fair Work Act of 2009. This latest amendment gives all employees the right to unpaid annual leave following an instance of domestic or family…