The ATO have recently issued a draft tax ruling in relation to Trust distributions and whether they are valid (s100A).
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The ATO have issued new guidance (PCG 2021/4) setting out their assessment framework of the allocation of professional firm profits and the inclusion of this income in the hands of the individual professional practitioner (IPP).
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As part of the Northern Australia Development Program the Australian Government have introduced Business Development Grant for small to medium sized businesses (up to 199 employees) across North Australia.
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Phase 2 of Single Touch Payroll is set to come into place 1 January 2022. It’s aim is to reduce the burden employers may experience when needing to report information about employees to various government agencies like Services Australia.
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From November 2021 all directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director identification number. Any individual planning on becoming a director can apply for a Director ID before being appointed.
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Recent changes to the ‘Choice of Super Fund’ rules mean employers may need to take extra steps when setting up a new employee if they do not choose a super fund.