JobMaker Hiring Credit
Legislation for JobMaker Hiring Credit has been passed by Parliament and now awaits Royal Assent and finalisation of the supporting rules. Consultation on these rules remains open until 27 November. See JobMaker Hiring Credit rules.
A reminder that the JobKeeper scheme remains open to new participants, provided they meet the eligibility requirements for the relevant period. From 4 January the JobKeeper rates change again. Business will also again need to demonstrate a decline in actual GST turnover.
For information about the JobKeeper extension including a short video and a fact sheet click here.
Declare all your business income
Do you know what to include in your business’ assessable income and what to exclude? For example, commission income, incentive payments, and interest, dividends and franking credits (from company tax already paid) on business investments are all examples of assessable income. Find out more at ato.gov.au/businessincome
Are you getting the advice you need?
If you’re thinking about whether to pause, change or close your business, it’s important to get advice from a registered professional, such as an accountant, lawyer, registered liquidator or registered trustee. Be wary of untrustworthy advisers who may recommend inappropriate or illegal actions, like removing assets before a business is wound up. Find out what to look out for at the ATO’s website Phoenix advice and your business
Extending super choice – Offering choice to your workers
A recent change to the law means that you may need to offer employees more choice in relation to the super fund that you pay their compulsory superannuation (super) contributions to.
All workplace determinations and enterprise agreements made on or after 1 January 2021 must give employees the right to choose their super fund.
Visit ato.gov.au/OfferingChoice to learn more.
Missed or underpaid super payments? Lodge before 28 November
If you missed the 28 October super guarantee due date you need to lodge a Superannuation guarantee charge statement to the ATO by 28 November to avoid penalties. Visit www.ato.gov.au/SGC for more information on how to lodge and pay.
Fuel your knowledge on car fringe benefits
Did you know that if your employees use a business car for private use, you may be providing a car fringe benefit?
The ATO has recently released virtual introductory sessions to help you work out whether you are providing a car fringe benefit. Register for an Employer: Introduction to car fringe benefits session
With Christmas fast approaching, you may be thinking about hiring people to work for your business.
Before you hire a worker, you should always determine whether they’re considered an employee or contractor. Part of getting your tax and super obligations right is getting the worker classification correct.
You can use our Employee/contractor decision tool to help guide your decision.
Lodge now for a final boost
The final instalment of the cash flow boost will be credited when businesses lodge their September monthly or quarterly activity statement.
If you’re not sure what to expect, you can use the cash flow boost estimator on the ATO website. Simply:
Visit ato.gov.au/cashflowboost for more information.
Help during difficult times
If you’re struggling to manage your tax obligations or pay your tax, the ATO can work with you to find a solution tailored to your situation and help you get back on track.
If you’re having trouble, it’s important to contact the ATO early so they can help you. It’s never too late to speak with them.
It’s important to keep lodging on time, even if you can’t pay by the due date. This shows you’re aware of your obligations and may give you access to some of the government stimulus measures available.
The earlier you reach out to your tax practitioner or the ATO if you’re struggling, the easier it will be to get back on track.
More information at ato.gov.au/helpwithpaying
I’d also like to pass on some information from my colleagues at Department of Education, Skills and Employment have shared with me. Through JobTrainer the Government is offering training to people aged 17-24 or out of work to study for an accredited diploma, certificate or short course. If you employ apprentices and trainees, JobTrainer can also support you to pay their wages and keep them working. Find out more at www.yourcareer.gov.au/jobtrainer