Posted by G. Dean McKinnon
on 9 March 2022
From 1 July, 2022 employers will need to pay super for employees who earn less then $450 per month, which was not previously payable.
Employers need to contribute to the employee's super 10% of the employees gross income each financial year quarter. The whole process can be complicated, so if you are unsure as to your obligations, the ATO has provided some guidance and an Employer Obligation Checklist.
McKinnon Financial Planning's Total Service Clients that utilise our bookke...
Posted by G. Dean McKinnon
on 8 March 2022
When you arrange a payment plan with the ATO you are charged interest rates which are likely much higher than the rate you can achieve in the market.
The ATO review their interest rate on a quarterly basis. The most recent quarterly update for April – June 2022 was recently published, increasing the General Interest Charge (GIC) rate to 7.07%.
The GIC is applied for late payment of taxes and other obligations, is compounded daily, and tax-deductible. However, an easy way a...
Posted by G. Dean McKinnon
on 7 March 2022
Many life insurers and mortgage lenders are offering their clients assistance with their premium and mortgage loan payments, if they have been affected by the recent floods, so do not hesitate to contact your insurer and mortgage lender if you need help.
McKinnon Financial Planning provides assistance to all clients affected by the recent flood, so do not hesitate contact us if you need help....
Posted by G. Dean McKinnon
on 4 March 2022
The federal government is now introduced ID requirements for all company directors. All existing directors must complete the process by 30 November, 2022 but there are other requirements for new directors.
New directors appointed for the first time to a company between 1 November, 2021 and 4 April, 2022 must director ID within 28 days of their appointment.
From 5 April, 2022, all new company directors must apply for the director ID before being appointed as a director to a company.
U...
Posted by G. Dean McKinnon
on 3 March 2022
There are several ways in which to access your super legally but if you access your super illegally there are significant penalties that apply.
Super investments are intended to assist with funding your retirement income needs. However, depending on the circumstances, you may be able to access your super before you retire – such as permanent disability or severe financial hardship.
It is unusual to be able to gain early access to your super if you are not retired, permanently di...