Superannuation Contributions Increase Effective 01 July 2021
Effective 1 July 2021, employers will be required to increase the minimum superannuation contribution to employees from 9.5% of ‘Ordinary Time Earnings’ (OTE) to 10%.
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How to use inventory to maximise your tax benefits
You can use inventory to reduce your business income tax by writing-off obsolete or damaged stock to maximise your tax benefits.
Read more Superannuation Rates and Thresholds for 2021–22
Superannuation is widely regarded as the most tax-effective vehicle for retirement savings. The ATO has recently published the key superannuation rates and thresholds for the 2021–22 year.
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Business Conditions Surge in March 2021
Despite a drop in business confidence with the expiration of JobKeeper, NAB’s monthly business survey reported the best operating conditions on record.
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Director ID Regime Takes Shape
ASIC staff will begin moving to the ATO as the government prepares for the imminent rollout of the new Director ID regime.
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STP Phase 2 Commences January 2022
Mandatory STP Phase 2 will commence from 1 January 2022, as the government looks to reduce the reporting burden for employers who are required to provide employee information to multiple agencies.
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End of JobKeeper FAQs
The JobKeeper scheme’s comes to an end on the 28 March 2021 and we’ve compiled responses to your frequently asked questions.
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STP Options for Closely Held Payees
The ATO has confirmed that as of 1 July 2021, Single Touch Payroll (STP) reporting for closely held payees will commence, after having granted these employers a one-year exemption.
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Basic Method for Calculating Fuel Credits for Heavy Vehicles
Business owners can use the basic method to calculate fuel tax credits for diesel used in heavy vehicles, if you claim less than $10,000 each year.
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CPA Australia Calls for Lockdown Support for Businesses
CPA Australia believes that snap lockdowns will continue to wreak financial havoc for businesses across Australia unless a national safety net is developed.
Read moreThoughts From Our Principals
Mark Semmens
Mark is a Chartered Accountant with a wealth of experience in accounting and taxation. Mark is a Member of Chartered Accountants Australia and New Zealand, the Tax Practitioners Board and the National Tax and Accountants Association.
Mark's blogs
Daniela Semmens
Daniela Semmens is a Co-Director of Semmens & Co. and joined the company as General Manager in 2017. Daniela is an Affiliate Member of Chartered Accountants Australia and New Zealand and also a Member of the Australian Institute of Project Management.
Daniela's blogsContact Us Today
For any enquiries into our team or our services please contact Semmens & Co. via email at info@semmensco.com.au or call us on 03 8320 0320
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