Recent changes affecting employers

1 January 2020 seems to be an important day to note for employers as there are 2 changes that employers need to be aware of, in relation to the way superannuation guarantee charges are calculated and payroll tax threshold changes.

Salary sacrificed super contributions and SGC obligations

Prior to 1 January 2020, if an employee decides to salary sacrifice their wages into their super fund accounts, the employer can choose to exclude those amounts in their superannuation guarantee contribution calculation.

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Fuel Tax Credit Rate Changes for the 2020 financial year

For those businesses who are registered for fuel tax credits (FTC), do you know there are THREE different rate changes (so far) in the 2020 financial year?

The following tables will come in handy when you prepare your quarterly BAS.

Remember we are always available if you need a helping hand!

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December 2019 Super Due Date

December quarter Super will be due 28 January 2020 – for those who use Xero Auto Super, please submit and approve by 21 January 2020 to allow time to process.

If you need assistance with your payroll – why not give us a call?

Think twice before writing 20 instead of 2020

Year 2020 has arrived, and we are nearly a week in. People are starting to get back to work – so are scammers.

When dating documents, we love using abbreviations.

Last year we used to write 19 instead of 2019.

So it’s normal for us to write 20 to indicate 2020, but this poses a fraud risk.

A date like 6 Jan 20 can easily be defrauded as 6 Jan 2019 by adding 2 more digits behind the year.

The consequence can be huge: imagine if this is written on a formal contract and the date has been fraudulently backdated, where you are liable for any monies owing since the date of contract. Or if someone post-dates a cheque that has turned stale.

So save yourself some hassles down the track by writing the full 2020 when dating documents.

Want to minimise tax when selling your business?

Are you a business owner who is considering selling your business, but is unsure what the tax implications are?

When it comes to selling your business, there are many decisions to make, and sometimes these decisions may impact your tax liabilities on sale. It is therefore wise to speak to an expert about the road ahead before starting the journey of selling.

If a business is sold without having extensive analysis of its tax implications, you may end up having to pay up to 47% tax on the profit. However with proper consultation well before the sale, you may be able to reduce the income tax liability down (sometimes to nil!). The difference can be enormous when the profit is huge.

For example: a business sale with profit of $3m, with 47% tax, your share to keep is $1.59m, however with a 0% tax, you get to keep $3m. That’s a difference of $1.41m!

Below are some concessions you may be able to use to minimise your tax.

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