Latest Information from Absolute Accounting Services
Quarterly Superannuation deadline approaching
A reminder that the Superannuation Guarantee quarterly payment deadline for the October to December 2021 period is due Friday 28 January 2022.
We suggest you submit your Super as soon as possible to allow for contributions to reach the super fund providers no later than the payment deadline of 28 January.
October to December 2021 Business Activity Statements and PAYG Instalments have been issued and are due at the end of February.
If you have not received your statement via post or through your MyGov account, let us know so we can help you!
New year, New sign! We hope you will all be able to spot us now!
Happy New Year! We are back open! Please contact us if there is anything we can help with.
Extra Dine & Discover NSW Vouchers for you
Want to see a movie, visit the aquarium or go skydiving? There are now more Dine & Discover vouchers for you to use and places to use them.
If you’ve already signed up for Dine & Discover NSW, you will have received 2 x extra $25 vouchers in your MyServiceNSW Account or in your Service NSW app.
If you haven’t already signed up, it’s not too late. Register today to receive a total of 6 x $25 vouchers. That’s $150 to spend getting out and about and supporting hospitality and recreation businesses.
Extra super step when hiring new employees
From 1 November, if you have a new employee who doesn’t choose their own super fund, you may have to request their ‘stapled super fund’ details from the ATO. A stapled super fund is an existing account which is linked, or 'stapled', to an individual employee, so it follows them as they change jobs. Find more about the change and how to request stapled super fund details on the ATO website.
Fairwork information for your Employees - Preparing for the end-of-year holiday period
Whether your business looks like Santa’s workshop or you shut over the holiday period, our information will ensure you’re meeting your obligations:
The ATO has plans to enforce new mandatory new client verification standards
The ATO will soon be implementing new verification standards which mean we will now have to sight two separate proof of identity documents when onboarding new clients.
These new requirements mean that any new clients will have to provide documentation to confirm their identity before we can start services. We will be required to sight two separate proof of identity documents. The aim of these checks is to avoid tax fraud through identity crime.
The following documentation will be required as proof of identity:
The ATO has advised that it is important to keep your ABN contact details up to date - especially at this time of the year as the risk of natural disasters like bushfire and cyclones increases. The ATO states that during times of emergency or natural disaster, your ABN details are used by emergency services and government agencies to help identify businesses that might need help or support in the affected areas. If your ABN details are out of date, you are at risk of missing out on important assistance or opportunities such as grants. If you would like us to check this information for you, please let us know.
JobSaver and Micro Business Grants are coming to an end
The JobSaver fortnightly tax-free payments of 40% of pre-COVID weekly payroll and the Micro Business Grant of $750 a fortnight will be ending 30 November 2021.
Director ID - Are you a Director? If so, these are mandatory!
The Government recently legislated that all Directors need a Director ID which will help identify and eliminate fraud and unlawful activities.
A Director Identification Number (director ID) is a unique identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities.
Once you have completed your registration, please let us know your new Director ID for our systems.
Unfortunately, we cannot apply on your behalf, you will need to apply yourself as above.
Please let us know if we can be of assistance!
More Scam warnings from NSW Police
Beware of scam emails claiming to be from Service NSW that ask you to click on a link to claim a $400 subsidy. Clicking this link takes you to a website that looks like myGov – but check out the url – it’s a fake! Delete these emails, don’t click the links or provide your info.
Source Image and information via Scamwatch
COVID-19 Disaster Payment Update when NSW hits 80% fully vaccinated
There are further changes to the COVID-19 Disaster Payment in New South Wales, now that 80% of people aged 16 years and older are fully vaccinated against COVID-19.
If you’re still unable to work due to movement restrictions in NSW, you’ll need to continue to reapply for the payment each week. The COVID-19 Disaster Payment rate will reduce over two weeks and then stop. If you get an income support payment, the COVID-19 Disaster Payment will reduce for one week and then stop.
New applications for the JobSaver payment are now closed. If you’re already receiving the JobSaver payment, you will need to reconfirm your eligibility each fortnight to continue receiving payments. Payments will end on 30 November 2021.
To be eligible to continue to receive the JobSaver grant you must confirm that you:
have continued to experience a decline in turnover of 30% or more, compared to:
the same period in 2019, or
the same period in 2020, or
the 2 week period immediately before any NSW restrictions – 12 June to 25 June 2021 (inclusive).
are maintaining your employee headcount stated in your application, if you are an employing business.
Please give your Accountant a call if you need any help.
Our office is back open to the public! Please remember your mask and reminder as per the current NSW restrictions, only fully vaccinated clients are allowed onto our premises. If you are not fully vaccinated, you can still have a zoom appointment with your Accountant.
Changes to Childcare Rebate - March 2022
Changes making childcare cheaper are being brought forward for Australian families with two or more children under school age.
In August, Parliament passed the changes originally flagged in the budget, aimed at cutting childcare costs for low and middle-income earners and getting more women into the workforce.
To be eligible, you need two or more children aged five years and under in care, at the same time, and need to have a household income of less than $353,680 a year. [Source Link]
Tax Deadline - 31 October
You may have heard about the upcoming deadline date of 31 October to complete your tax return. Not to worry! This is just for people who complete their own returns. If a Tax Agent lodges your tax return, you get an extension!
Changes to COVID-19 Disaster Payment as NSW reaches 70% fully vaccinated
The payment will remain available at the same rate to people in NSW who cannot work due to restrictions, until the state reaches 80% full vaccination of the 16 years and older adult population. However, it will no longer be paid automatically. People will need to apply each week to ensure they continue to remain eligible. Further, once the 80% rate is reached, the payment will decrease over a two week period for those receiving the full amount of COVID-19 Disaster Payment, and over one week for those on income support receiving the $200 COVID-19 Disaster Payment. Most people in greater Sydney and regional NSW who received their final automatic payment earlier this week and can claim again from 10 October. People living in the inner-Sydney suburbs will receive their final automatic payment on 7 October 2021 and can claim again from 14 October. [Sourced link]
Confirming JobSaver to continue to get payments
If you have previously received JobSaver, you will need to confirm your business is still eligible. This is done through the ServiceNSW Business website.
Please let us know if there is anything we can assist with. [Source Link]