#EveryoneNeedsaPlan to Pay Employee Super If Earning Less Then $450 per Month

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 in:Superannuation   0 Comments

#EveryoneNeedsaPlan to Not Pay the ATO's High Interest Rates

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 in:Tax   0 Comments

#EveryoneNeedsaPlan for Flood Assistance

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 in:Insurance   0 Comments

#EveryoneNeedsaPlan to Complete Director ID Requirements

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 in:Legal   0 Comments

#EveryoneNeedsaPlan to Access Super Legally

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...
Posted in:Superannuation   0 Comments
McKinnon Financial Planning Pty Ltd ABN 74 155 233 784 Australian Financial Services Licence 417488 | McKinnon Financial Services Pty Ltd ABN 82 056 817 648 Australian Credit Licence 392173 | General Advice Warning: Information contained in the pages of this website is of a general nature only and has not taken into account your particular circumstances. You should consider whether any strategies and or investments mentioned in this website are suitable for you and seek personal advice from a licenced investment adviser before making any investment decision.
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