News

2021 NSW COVID-19 business grant

Applications are now open to apply for this grant and close on 13th September.  This grant will help eligible businesses and not-for-profit organisations with business costs incurred from 26th June to 17 July (when JobSaver commences).

To be eligible you must have experienced a decline in turnover of at least 30% or more during a minimum 2 weeks period from 27 May 2021 to 26 July 2021 compared to the same period in 2019.  There must be a nexus between the decline and the public health orders.    Other eligibility criteria may apply.

Current details here

Taxable Payments Annual Report (Contractor’s report)

If you are in one of the following industries, you may need to complete a Taxable Payments Annual Report by 28th August.  This reports list total payments made to contractors over the last financial year.  Details here

  • Building and Construction
  • Cleaning services
  • Courier or Road Freight services
  • Information Technology (IT) services
  • Security, investigation or surveillance services

Superannuation Guarantee increases

Increase in payment rate

From 1st July 2021 super guarantee increases from 9.5% of wages (ordinary times earning) to 10%

 

Announced in the Federal Budget May 2021

The current $450 per month minimum income threshold, under which employees do not have to be paid the superannuation guarantee (SG) by their employer will be removed.  This will begin from the first financial year after the proposed legislation receives Royal Assent which is likely to be from 1 July 2022.

Single Touch Payroll – Phase 2

Increased reporting from 1st January 2022

From the tax office

“In the 2019–20 Budget it was announced that we would expand the data collected through STP.

This expansion of STP (also known as STP Phase 2) reduces the reporting burden for employers who need to report information about their employees to multiple government agencies. It also supports the administration of the social security system.

Employers will report the additional information through STP on or before each pay day.

The mandatory start date for STP Phase 2 reporting will be 1 January 2022.

There is nothing you need to do right now. We are working closely with digital service providers who will update your STP-enabled software for you.

More information about applying for additional time, if required, to transition to STP Phase 2 will be provided soon.”