Month in Review - March 2021
The rollout of the AstraZeneca vaccine is set to begin in March as the first 300,000 doses landed in Sydney, with 1.2 million more doses due shortly from Europe before Australian partner, CSL, begins production of 50 million doses. The federal government said Australian health professionals will soon be delivering over 500,000 vaccinations a week, with general practitioners set to assist in the Covid-19 vaccine rollout in coming weeks. Health Minister Greg Hunt confirmed that Australia will keep its international borders shut for at least another three months with over 40,000 Australians still stuck overseas. GDP grew 3.1% in the December quarter, taking the yearly rate from -3.8% to -1.1%. The result marked the second straight strong quarter of growth as the economy continues to recover from Covid-19 led restrictions helped by high levels of monetary and fiscal stimulus.
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What every employer needs to know about fringe benefits
On 31 March 2021, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount.
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ATO reminder: lodge your TPAR
The Taxable Payments Annual Report (TPAR) was designed to supress, if not outright eliminate the “black economy” by requiring businesses providing various services to lodge a report containing details of payments made to contractors or subcontractors.
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Stamping out underperformance in super
Superannuation makes up almost 10% of our salaries and is vital to our retirement, yet many of us don’t put much thought into it beyond ensuring the correct amount goes into the fund of our choice.
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Personal insurances: Insurance premium styles
When it comes to wealth accumulation and the management of certain lifetime risks, an appropriately established personal insurance plan can be an important risk management strategy.
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Individual taxation: Tax offsets (or rebates)
Over the course of your life, the income you receive will often be assessable for income tax purposes. However, depending on your situation, there will be instances where the tax payable may be reduced.
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STP changes coming for small employers
If you run a small business with payees that include family members in a family business or directors or shareholders of a company, chances are you’re not yet reporting payments through the Single Touch Payroll (STP) regime.
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Update: Indexation of the transfer balance cap
When looking to fund your retirement lifestyle from your super benefits, a tax-effective option can be to transfer your super benefits from accumulation phase to retirement phase by commencing a retirement income stream.
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If your interest rate starts with a 3% or more then it’s time to check your home loan
The start of the year is a smart time to put your home loan under the spotlight. One in two Australians are in the dark about their loan rate - and home loan apathy could stop you forging ahead financially. Interest rates tumbled in 2020, and there are savings to be made from refinancing.
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