Important ATO Dates

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From 1 July 2022, two important super guarantee (SG) changes will apply:

• the rate of SG is increasing from 10% to 10.5%
• the $450 per month eligibility threshold for when SG is paid is being removed

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Tax Planning

Finalising Your Employee Wages

SMSF Audit Changes

Please note that the Self Managed Superannuation Fund (SMSF) auditor that we have used for the last 20+ years, Peter Monaghan, is retiring as at 30 June 2022.

 

We have sourced a new auditor, Richard Smith of ASF Audits, who will take over from 01/07/2022.

 

For those SMSF clients where we arrange the audit please note the following important change from 01/07/2022. When we send out the pre-audit documents you will need to sign and return the Members Statement as soon as possible as the audit can not be completed until these have been sighted by the new auditor.

Company Folders

With the shift to electronic sending, filing and signing of documents, ASIC has confirmed that we no longer need to hold hardcopies of the Company Folders we hold on behalf of our clients. Therefore we are currently in the process of scanning all Company Folders and relevant documents to our secure in-house server and will maintain an electronic (softcopy) version going forward.

 

Once scanned we will contact clients and let them know that we are returning the original folder and its current content to them for safe keeping.

 

Rather than risk losing your folder in the post we will hold these folders at our office for collection next time you drop in.

 

Please note that this does not change the ASIC compliance services we provide to you in anyway, we are simply maintaining your Company Folder electronically rather than in paper form going forward!

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Director Identification Numbers (DINs)

A reminder that all company Directors are required to obtain a Director ID. This is particularly important as failure to comply with these new Director ID requirements may result in both civil and criminal penalties. We recommend that company directors, including those that act as a corporate trustee of their SMSF or family trust, start the application process as soon as possible! How do I apply for a Director ID? Each individual director must apply for their own Director ID directly, to verify their identity via the ABRS website (abrs.gov.au), where you will click on the heading Apply for your Director ID. When do I need to apply for a Director ID? When you must apply for a Director ID depends on the date you became a director (as outlined below).

Date you were/are appointed	Date you must apply by
On or before 31 October 2021	30 November 2022
Between 1 November 2021 and 4 April 2022	Within 28 days of appointment
From 5 April 2022	Before appointed director

IF YOU HAVE ANY QUERIES OR NEED ASSISTENCE PLEASE CONTACT OUR OFFICE!

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Single Touch Payroll Phase 2

• Your first STP Phase 2 report is required by 31/03/2022 (where not covered by a deferral) or 31/12/2022 (with deferral from your software provider).
• QuickBooks Online & Keypay deferral ends 28/02/2022.
• MYOB & Xero deferral ends 31/12/2022.
• Your software provider will be providing guidance on how to get STP 2 ready.
• Where Watts Price or Knights Accounting process your payroll we will ensure that you are STP Phase 2 compliant by the appropriate date. Our wages template will be re-issued to accommodate the new pay and leave categories required.

 

If you have any queries at this time please let us know!