Financial Consultation
Financial%20Consultation_edited.jpg

SUPER GUARANTEE RATE RISING 1 JULY

3 June 2021

The superannuation guarantee rate will increase from 9.5 per cent to 10 per cent on 1 July 2021.

Employers will need to ensure their payroll and accounting systems are updated to incorporate the increase to the super rate. The ATO’s super guarantee contributions calculator is available for employers to work out how much super they need to pay.

To determine if employees are eligible for super, including any contractors treated as employees for super purposes, employers can use the ATO’s superannuation guarantee eligibility decision tool.

Financial%20District_edited.jpg

PROPERTY MANAGEMENT AND RENTAL BOND DATA: ATO DATA-MATCHING PROGRAMS

27 May 2021

The ATO has registered two data-matching notices to acquire:

  • property management data including property owner identification details, rental property details and property manager details for the 2019 to 2023 financial years covering 1.6 million individuals each year

  • rental bond data including landlord and managing agent identification details and rental bond transaction details from 20 September 1985 to 30 June 2023 covering 350,000 individuals each year.


This information will be used by the ATO to inform education program as well as to undertake compliance activities such as undeclared income and capital gains.

DELIVEROO_Rider_edited.jpg

FAIR WORK COMMISSION DECIDED DELIVEROO RIDER AN EMPLOYEE

20 May 2021

The Fair Work Commission found on Tuesday that Deliveroo rider Diego Franco was unfairly dismissed, a protection only extended to employees, on the basis that he was more akin to an employee than a contractor before he was dismissed by Deliveroo for “no valid reason”.

“In this case, when consideration of all the relevant indicia, has, like the colours from the artist’s palette, emerged to form a complete picture, the correct characterisation of the relationship between Mr Franco and Deliveroo is that of employee and employer. Although, the picture is impressionistic and not precise, it is nevertheless a compelling conclusion,” Commissioner Ian Cambridge found.


"Mr Franco was not carrying on a trade or business of his own, or on his own behalf. Instead, he was working in Deliveroo’s business as part of that business.”

The Commission ruled against arguments used by companies operating in the gig economy, including that because workers can work for competitors, they must be contractors.

In “the context of a modern, changing workplace impacted by our new digital world”, the Commission found this was insufficient justification. (Franco v Deliveroo Australia Pty Ltd [2021] FWC 2818, Fair Work Commission, 18 May 2021)

4adab9fbe17dd1baba5f76913728b4a1f315e5d0.jpg

NSW PREMIER ANNOUNCES FINANCIAL SUPPORT MEASURES FOR TRADIES AND SMALL BUSINESSES AHEAD OF SUMMER

12 October  2021

The New South Wales government has announced more financial support measures to help businesses reopen with confidence after lockdown.

Premier Dominic Perrottet announced a Summer Holiday Stock Guarantee on Tuesday that would allow eligible businesses with an annual turnover between $75,000 and $50 million to apply for a grant of up to $20,000 to compensate for the loss of perishable stock if a local lockdown occurs.

The stock guarantee would be available if non-essential businesses were forced to shut their doors between December 1 2021 and January 31 2022 due to public health orders.

Perrottet said the measure will give businesses the confidence to “buy up big and get ready for a major summer trade”.

The Small Business Fees and Charges Rebate is also being increased from $1500 to $2000 and has been expanded to include the cost of tolls.

“We know that that is really going to support tradies right across greater Sydney who will also be able to access this rebate,” Perrottet said.

The expanded rebate will be eligible for use until 30 June 2022.

Perrottet said confidence for businesses and consumers was key for the economy to get back on track after the state’s three-month lockdown.

“I’m very confident we’re going to bounce back,” he told reporters.

“Last year, as we came through the pandemic, business confidence was key, was crucial, to driving economic growth, to ensuring that businesses continued to employ and bring people on and that is why we recovered every single job that was lost and that is why we will recover every single job again.

“It’s boom time in New South Wales.”

On Monday shops, gyms, cafes and hair salons were overrun as patrons responded to weeks of pent up demand as people ventured more than five kilometres from home to explore new freedoms.

And with NSW already on the verge of another critical COVID-19 vaccination milestone, crowds could soon be back in stadiums and nightclubs.

More than 80 per cent of the population is predicted to be fully vaccinated as soon as next Monday, the next threshold for easing restrictions.

Source: Elizabeth Daoud. 7News

Keep up with all the latest tax news and insights.