We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important taxation developments up to and including 19 February 2021:
- Tax implications of having more than one job – If you’re working two or more jobs casually or have overlapping contract work, you need to be careful to avoid an unexpected end of financial year tax debt.
- Closely held payees: STP options for small employers – Small employers with closely held payees must begin single touch payroll reporting from 1 July 2021.
- ATO data-matching: JobMaker and early access to super – The ATO is kicking into gear in 2021 with another two data-matching programs related to the JobMaker Hiring Credit and early access to superannuation because of COVID-19 financial hardship.
- Super transfer balance cap increase from 1 July 2021 – If you’re nearing retirement and have a large amount in your transfer balance account, it may be wise to delay to take advantage of the upcoming pension transfer cap increase to $1.7 million.
- Your Future, Your Super legislative changes – Treasurer Josh Frydenberg has said the measures in a new superannuation Bill are intended to save $17.9 billion over 10 years by holding underperforming super funds to account and strengthening protections around people’s retirement savings.
Please do not hesitate to reach out if you wish to discuss any of the points raised in this Alert.
The Team at PHA