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World’s largest armies 1816 – 2020

Adding a slice of interesting trivia is a great way to offer something or those clients who don't want to read, and September is no exception.  What we add is

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ATO issues warning to first-time investors

 

A surge in first-time investors trading shares and exchange-traded funds (ETF) has prompted the ATO to issue a warning on share tax treatment and the behaviour that raises red flags.

 

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Unemployment rate falls to 12-year low

 

The latest round of employment data shows the unemployment rate fell by 0.3 of a percentage point to 4.6 per cent through July. But the 12-year low might not signify labour market strength, experts say.

 

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Lockdowns and mental health

 

Victoria endures its sixth lockdown as the state's cases grow; NSW records 1,281 new local COVID-19 cases and three deaths. Lockdowns to be eased once 70% of the population is double vaccinated against COVID-19 yet today some 60% of Australians are in lockdown.

 

 

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State and Federal COVID-19 support

 

The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage the impact of yet more COVID-19 restrictions.

 

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Superannuation Guarantee Rates Reminder

 

The current superannuation guarantee rates for employees has increased to 10% rate from pay periods ending after 1st July 2021.  This has changed from the 9.5% superannuation guarantee rate used since 2014.

 

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‘Mammoth consequences’: ATO’s NALI ruling draws ire from accountants

 

The recent ruling on non-arm’s length income (NALI) in super funds by the ATO will have far-reaching consequences for the superannuation sector, according to industry experts.

 

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ATO Small Business Newsroom – July / August

 

The ATO provides information on a large number of business related topics, issues, rules and regulations.  We hope this article will help quickly you keep up to date.

 

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Hardship priority processing of tax returns

 

If your business is experiencing financial difficulties due to the latest lockdowns, the Australian Taxation Office (ATO) may be able to help by processing your tax return faster and expediting the release of any refund to you.

 

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‘Nowhere to hide’: New gig economy reporting regime set to debut

 

Share economy participants will no longer be able to evade their tax obligations as the government looks to legislate a new compulsory reporting regime.

 

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COVID-19 disaster payments to be tax-free: Prime Minister Scott Morrison

 

Prime Minister Scott Morrison has declared that COVID-19 disaster payments will now be tax-free, a policy change that will have ramifications for accountants and their clients, say tax experts.

 

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