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 17 September 2021:

  • Federal COVID-19 support developments – The Prime Minister and Minister for Education and Youth recently announced new support for child care providers impacted by COVID-19 lockdowns.
  • State and territory COVID-19 support developments – Expanded and additional support has been announced in most states and territories for a range of businesses and commercial tenants affected by COVID-19.
  • Closing a business? Don’t forget the GST registration – If the current lockdowns and economic conditions have prompted you to sell or close your business, remember that you’ll need to cancel your GST registration within a certain period.
  • New stapled super changes coming for employers – From 1 November 2021, if a new employee doesn’t nominate a super fund, their employer will need to determine if they have a “stapled” super fund and request details from the ATO.
  • MySuper performance test results and new super comparison tool – This year marks the beginning of APRA’s annual performance tests on MySuper products. These were introduced to hold super funds to account for underperformance and enhance industry transparency.

Please do not hesitate to reach out if you wish to discuss any of the points raised in this Alert.
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A NOTE FROM PETER

TAX PLAN BEFORE HARVEST

It is critical to consider a Tax Plan before this year’s harvest, given the potential for good year is about to happen. The next few weeks are crucial to this being a good or bad year depending on the rain. The last year’s Tax Concessions and to 30 June 2022 must be factored into the Plan.

I may be in the area in the near future or it can be done remotely. You must consider your position now.

Please call the Office to arrange an in-person or remote meeting before harvest.

Regards

Peter Hayes