A new Covid-19 Business Support Grant has been announced by the South Australian State Government to assist small and medium businesses that suffer a significant loss of income as a result of the Covid-19 health restrictions.
Eligible employing businesses can apply for a $3,000 cash grant, whilst a $1,000 cash grant is on offer to eligible non-employing businesses.
To be eligible for the one-off $3,000 grant, a business must, as at 12:01am Tuesday 20 July 2021:
Employers should be aware of some key changes to superannuation laws that will impact the calculation of employee superannuation entitlements.
Superannuation Guarantee Rate Increase to 10%
Employers in Australia are required by law to make regular contributions to their employee’s superannuation fund. The legislated Superannuation Guarantee (SG) rate is currently set at 9.5% of ordinary time earnings. The first increase to the SG rate will occur on 1 July 2021 and will see the contribution rate that employers are required to pay increase from 9.5% to 10%. This will then be followed by incremental half percentage point (0.5%) increases each year until the rate reaches 12 per cent on 1 July 2025.
The Fair Work Act 2009 has recently been amended to change workplace rights and obligations for casual employees. The changes were made by the Fair Work Amendment Act 2021 and came into effect on 27th March 2021.
These amendments update the definition of casual employment and provide guidelines for moving casual employees to permanent employment. In addition, the amendments introduce requirements for all Employers to provide a Casual Employment Information Statement.
Employers are required to give every new casual employee a Casual Employment Information Statement (CEIS) before, or as soon as possible after, they start their new job.
Retirement Village Masterclass
Last week, Mark Lumley of 360Private Legal, gave a series of presentations at a Retirement Village Masterclass being held at Aveo Retirement Villages. These presentations on Retirement Village Contracts gave an overview on all Estate Planning considerations, as well as advice around legal obligations which should be considered prior to signing any such retirement village contracts.
360Private Legal can provide in depth analysis of your current circumstances and review any succession issues that need to be addressed. 360Private Legal can also provide you with recommendations including referrals to associated professionals who will assist you in the delivery of considered and comprehensive estate planning documentation and business succession planning.
The 2020 – 2021 Federal Budget announced significant temporary changes to the tax rules surrounding depreciating assets. These new, full expensing rules apply to businesses with a turnover of up to $5 billion. An immediate 100% deduction can be taken for eligible depreciating assets incurred from 6 October 2020 until 30 June 2022.
Which assets are eligible?
A depreciating asset qualifies for full expensing if after 6 October 2020, and on or before 30 June 2022 the entity:
An asset is not eligible for full expensing if:
The JobMaker Hiring Credit scheme is an incentive for businesses to employ additional young job seekers aged between 16–35 years, delivering a payment to support the new employees’ wage costs.
Eligible employers can receive the payment for up to 12 months for each additional new eligible employee they hire between 7 October 2020 and 6 October 2021. This has been capped at a maximum of $10,400 per year and employers will be credited up to $200 a week for employees aged 16-29 and up to $100 for those aged 30-35 years.
Eligible employers will be able to register with the ATO from 6th December 2020 and are able to claim payments in arrears from 1 February 2021. Employers will also be able to claim payment on eligible employees for up to 12 months from their employment start date. Businesses are unable to claim JobKeeper and JobMaker Hiring Credit at the same time.
If ever there was a year to see your risk insurance adviser, this is the year.
Premiums are on the rise and the Income Protection market has changed dramatically.
Over the past 5 years Australia’s life insurance industry has made billion-dollar losses, primarily due to a large increase in the cost of claims and the continuing long-term low interest rate environment. Income Protection policies are the main culprit behind the increasing cost of claims, with far greater numbers of successful Income Protection claims made and for longer durations. Whilst successful claims and usage of insurance policies is a good thing for consumers, the continual incurring of losses has prompted concern from the regulator, Australian Prudential Regulation Authority (APRA), that the life insurance industry is unsustainable based on the current insurance contract arrangements.
Retirement Village Contracts
Entering a retirement village is a major financial and lifestyle decision. It is prudent to include your family in the decision to move in to a retirement village.
Retirement villages for the most part offer a fulfilling, communal lifestyle but you need to be aware of some of the key features of the retirement village model, these being;
Is a Will a must have or just something your advisors keep telling you that you need? There are a few key points that you should understand around why you may need a Will.
When you pass away you will either have a Will, or not have a Will. If you have a Will then your Estate (a combination of your personal items, bank accounts, property, investments, superannuation etc.) will be administered according to the terms of your Will and pass to the people you have nominated as beneficiaries. If you pass away without a Will it is said that you have died ‘intestate’ and your Estate will instead pass in accordance with the laws of intestacy.
We would like to take this opportunity to wish you and your family a Merry Christmas and a very Happy New Year!
We know this has been a difficult year for many individuals and small business – please remember that we are only a phone call away and are happy to assist you with any queries you may have during this time and provide support where needed.
Our offices will be closed from lunchtime on Wednesday 23 December 2020 and will re-open on Monday 4 January 2021. We will be checking our voicemail during this time should you require any urgent assistance.
Warm wishes to you and your family
360Private have a dedicated Audit team supported by qualified and experienced team members who can assist you in navigating complex legislative requirements to ensure that you achieve compliance with all regulatory obligations.
360Private Audit have extensive experience in auditing many types of organisations and organisational structures in both the profit and not-for-profit sectors. We will work closely with you and your representatives in order to understand your organisation, its goals and objectives, key risks, operations and financial processes.
We’re committed to providing you with helpful and professional service, so please contact us today to speak to our Audit team today should you have any Audit requirements on 8291 2111.
The Federal Treasurer, Josh Frydenberg, handed down the 2020/21 Federal Budget on 6th October 2020. The Federal Budget aims to assist job creation, investments and household spending through significant personal income tax cuts, incentives for businesses employing new staff under 35 and immediate write off for any eligible business asset purchases.
Personal income tax cuts will flow through to more than 11 million taxpayers. The changes are worth an estimated $1,080 per year for people earning between $45,000 to $90,000 and up to a maximum of $2,430 per year for people earning more than $120,000.
Whether it be a query about superannuation, investments, insurance, mortgage or any other financial based questions, get 360Private to check on your financial health.
SPORTSMED SA has been proudly associated with the team from 360Private for over 20 years. Both SPORTSMED SA and 360Private have grown considerably over this time and the challenges have been many and varied. The range of services provided by 360Private are as relevant to our business today as they were 20 years ago and are supported by strong client/advisor relationships and leadership.
- Alan Morrison, CEO Orthopaedics & Hospitals, SPORTSMED SARead more ...