What’s changing from 1 July 2022
This new financial year, the ATO is rolling out updates to superannuation and trust distributions. Here are the key changes that will commence on 1 July 2022: Increase of the Superannuation Guarantee to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by […]
Federal Budget 2022-23
The federal budget was handed down last night and with a federal election expected in May, this is a conservative budget that focuses on improving the skills shortage in Australia. We have summarised below the key announcements from last night’s budget for you. Small businesses Small businesses with a turnover less than $50million will receive […]
New Compulsory Director ID Requirements
Director identification number A new government regime came into effect on 1 November 2021 which will require directors of companies to register for a director identification number (director ID). What is a Director ID? A director ID is a unique a 15-digit identifier you will keep forever. It will help to prevent the use of […]
New employees from 1 November 2021
From 1 November 2021, where no choice is made of a superannuation fund by a new employee, the employer can no longer use their default employer super fund. Instead, there is a requirement that the employer must use the employee’s ‘stapled super fund’. A ‘stapled super fund’ is an existing super account of an employee […]