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June 2021 Newsletter

 

What changes on 1 July 2021?

 

Super guarantee rate increase to 10%

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 2021.

New stapled superannuation employer obligations for new staff

Currently, when an employer hires a new staff member, the employee is provided with a Choice of Fund form to identify where they want their superannuation to be directed.

Indexation increases contribution caps and the transfer balance cap

Indexation ensures that the caps on superannuation that limits how much you can transfer into super and how much you hold in a tax-free retirement account, remain relevant by making pre-determined increases in line with inflation.

Concessional and non-concessional caps

From 1 July 2021, the superannuation contribution caps will increase enabling you to contribute more to your superannuation fund (assuming you have not already reached your transfer balance cap).

Transfer balance cap - why you will have a personal cap

The transfer balance cap (TBC), as the name suggests, limits how much money you can transfer into a tax-free retirement account.

Minimum superannuation drawdown rates

The government has announced an extension of the temporary reduction in superannuation minimum drawdown rates for a further year until 30 June 2022.

Single touch payroll reporting

Single touch payroll will apply to most business from 1 July 2021.

Work from home expenses under scrutiny & the perils of browsing Facebook

If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you may be able to claim some of these expenses as a deduction.

Am I taxed on an insurance payout?

Australia has had its fair share of disasters over the last few years - drought, bushfires and floods - that have ramped up the volume of insurance claims.

New $1500 small business fees and charges rebate

If you are a sole trader, the owner of a small business or a not-for-profit organisation in NSW, you may be eligible for a small business fees and charges rebate of $1500.

10 ways the Federal Budget affects workplace relations

The 2021-2022 Federal budget included 10 key items that you should be aware of, because if the relevant legislation is enacted, they will affect you when managing your workplace.

When is it lawful to mandate a vaccination?

With COVID-19 vaccinations top of the agenda around Australia, especially in Victoria at the moment, it's timely for employers to consider whether to make vaccinations mandatory among its employees.


Can you offset the cost of the superannuation increase against wages?

Since 2014, compulsory superannuation contributions have remained at a steady 9.5% of an employee's ordinary time earnings (OTE).

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