360Private

 

We are pleased to announce that we now offer the option to make payments to 360Private via credit card online or BPAY.

You will note both options are displayed on our future invoices. When paying via credit card, you will click a link taking you to a secure NAB transaction page.

It is important to be aware of cyber security risks, so if you are unsure of the source of an email, check that it is legitimate before making any online payments. 

If you have any questions or require assistance, please contact our office.

 

As 30 June fast approaches, our focus shifts towards ensuring strategies relating to managing taxation outcomes and superannuation are implemented before the end of financial year arrives.  However, it is also important to look ahead, with some superannuation contribution rules changing from 1 July 2022. These changes could create new opportunities which may benefit you.

 

The key changes from 1 July 2022 include:

  • increasing the amount of personal contributions that can be made to superannuation for people aged 67-74*
  • removing the requirement to satisfy a work test before making personal after-tax contributions and salary sacrifice contributions for those 67 to 74*
  • reducing the eligibility age for making a downsizer contribution from 65 to 60
  • increasing the amount that can be released under the First Home Super Saver Scheme to use to purchase a first home, and
  • removing the minimum monthly income threshold before an employer is required to pay Superannuation Guarantee on behalf of employees.

* Contributions must be received no later than 28 days after the month in which the person turns age 75.

 The South Australian Government has introduced various support packages for SA businesses impacted by the health restrictions put in place from 27th December 2021. A further package has been introduced in January 2022.

Business Hardship Grant

Eligible employing and non-employing businesses will be provided with once-off grants ranging from $2,000 - $8,000, depending on business arrangements.

To meet the criteria the business must have:-

  • A valid and active ABN and be operating in South Australia;
  • Be registered for GST;
  • Employ people in South Australia (not required if applying as non-employing business);
  • Have an Australian grouped payroll of less that $10 million in the 2019-20 or 2020-21 financial year (not required if applying as non-employing business); and 
  • Have a reduction of turnover of at least 50% during the defined restriction dates due to the impact of Covid-19 restrictions, being 10 January 2022 to 30 January 2022 (inclusive), compared to the relevant comparison period.

 The South Australian Government has introduced various support packages for SA businesses impacted by the health restrictions put in place from 27th December 2021.

New grants are available to eligible businesses across the state’s tourism, hospitality, gym/fitness and major event industries, as well as a general Business Hardship Grant.

Business Hardship Grant

Eligible businesses will be provided with a once-off $6,000 grant. An additional $2,000 will be available for eligible businesses that operate from a commercial premise located in the Adelaide CBD.

To meet the criteria the business must have:-

 Director Identification Number

Following the recent introduction of Director Identification Number (Director ID) measures, you will be required to register for a Directors ID if you’re a Director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Island corporation. The new Australian Business Registry Services (ABRS) is responsible for administering the initiative.

This Director ID is a unique identifier that will be given to each individual director, or any new directors, to verify their identity. The Director ID is a 15-digit number will assist in preventing the use of false or fraudulent identities, as well as making it easier to trace Director relationships across multiple companies.

Important Superannuation Changes for Employers

From 1 November 2021, if you have new employees starting in your business, you may have an extra step to take to comply with choice of fund rules if the employee does not choose a super fund. You will now need to request the employee’s ‘stapled super fund’ details from the Australian Tax Office (ATO). A stapled super fund is an existing super account which is linked, or 'stapled', to an individual employee so that it follows them as they change jobs. These new changes aim to reduce account fees by stopping new super accounts being opened every time an employee starts a new job.

On Monday 9 August 2021, the Australian Government and Government of South Australia announced a new $3,000 cash grant program for businesses and $1,000 for sole traders in eligible industry sectors - such as hospitality, creative venues and artists, tourism, gyms and transport.

South Australian businesses that continue to be significantly impacted by ongoing COVID-19 density and trading restrictions may be eligible for additional financial support. Businesses based in the Adelaide CBD may be eligible for an additional $1,000, acknowledging the significant decrease in city foot traffic.

The State Government is offering up to $200,000 in grants to small and medium-sized businesses looking to expand into overseas markets, in a revamp of the SA Export Accelerator (SAEA) Program.

First introduced in August 2018, the program has undergone a review, with the funding categories revised in a bid to give a greater pool of small to medium sized businesses access to the grants. New activities within the funding stream have been introduced to support exporters that are seeking entry to new markets.

Due to changes in the criteria, companies that were once unable to apply may find that they can now access funding. The programme is administered by the Department of Trade and Investment and provides grants for activities such as marketing and promotion, freight and logistics, export training and market access support.

To be eligible, businesses applying must be from one of the nine Growth State priority sectors, which are:

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:

  • Be located within South Australia;
  • Have an annual turnover of $75,000 or more in 2020-21 or 2019-20 financial years, and be registered for GST;
  • Employ people in South Australia;
  • Have an Australia-wide payroll of less than $10 million in the 2019-20 financial year;
  • Have a valid and active Australian Business Number (ABN); and
  • Have experienced at least a 30 per cent reduction in turnover in the week of Tuesday 20 July 2021 to Monday 26 July 2021 (inclusive) compared to the week prior, due to the restricted trading conditions.

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.

Financial health check

Whether it be a query about superannuation, investments, insurance, mortgage or any other financial based questions, get 360Private to check on your financial health.

Client testimonials

Very high quality professional advice

The team from 360Private have been our taxation and superannuation advisors for the past 15 years. Throughout that time we have received very high quality professional advice to assist us progress to long term goals of financial independence.

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