On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% – the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025.
From the Federal Budget there have been many changes to superannuation and SMSFs. Most of these changes are positive if you are someone who puts money into super.
With there being so many changes to tax as presented in the Federal Budget, this is a concise summary of those that may have the biggest impact or relevance to our clients:
It is important to note that, upon reading the papers summarising the budget, there are two things that we look towards.
Australians are taxed on their worldwide income, which must be declared in their tax returns.
The ATO has identified scenarios where Single Touch Payroll (STP) reporting is no longer necessary for some small businesses.
As with the original JobKeeper, the Commissioner has released a number of alternative tests.
From 28 September 2020, the payment rate for JobKeeper will taper from the flat rate of $1,500 and split into a higher and lower rate.
From 3 August 2020, the eligibility tests for employees were changed to enable a greater number of employees to access JobKeeper.
From 28 September 2020, the eligibility tests to access JobKeeper for employers will change, as will the amount of the JobKeeper payment for employees and business participants.
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