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Superannuation Update Blog Post Web Banner

by Yvette Goss, Accountant and Superannuation Specialist.

 

Superannuation laws seem to be continually changing and some of the Federal Budget measures that were proposed last year have now been passed into law, so let’s look at what will apply from 1 July 2022. 

Budget Web Banner

by Ben Spiers, Director.  

 

The 2022-23 Budget announced by the Government on Tuesday 29th March was primarily focussed at providing additional assistance to individuals considering the rising cost of living.  There were many changes that will apply to Business, Individuals, Aged Care, Super and Taxation, but here is a summary of the key announcements.

Lee Green Content May 21 2

by Mike Sweeney, Director

 

The Australian Federal Budget was handed down on 11th May 2021 and it included a number of new reforms as well as extension of existing tax concessions.  The highlights we have extracted from the budget papers are below.

Single Touch Payroll (STP) starts from 1 July 2018 for employers with 20 or more employees and will be expanded to include employers with 19 or less employees from 1 July 2019.   STP will require employers to report salary and wages, allowances, deductions, tax and superannuation to the ATO each time you pay employees in line with your current pay cycle.   

Employers will require STP ready software and those with STP compliant software can choose to report before 1 July 2019.  Most employers will find that commonly available commercial software solutions will be compliant however we recommend that you check with your provider to ensure your software is ready by the relevant start date.  

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