During COVID-19, the ATO took a softly-softly approach to debt collection, acknowledging the financial impacts of the pandemic. However, with the economy now opening back up, firmer debt collection practices are resuming, including garnishees, recovery of director penalties, disclosure of business tax debts, and legal actions including summons, creditors petition, wind-up and insolvency action. Do you or your business have a tax debt? If so, it’s important to engage with the ATO with our assistance. Their payment plans can be quite flexible.
Employers need to make Single Touch Payroll (STP) finalisation declarations by 14 July each year. As your registered agent, we can assist you in this important, upcoming process. Your employees depend on this process being completed in order to lodge their tax returns.
Meanwhile, the new financial year heralds an increase to the superannuation guarantee (SG) rate for your employees and certain contractors. Low paid workers are now also entitled to SG. This additional employer cost comes with some complexity. We guide you through it.
We hope you will find the topics interesting and thought provoking.
Please contact us if you wish to discuss how the points raised in this newsletter specifically affect you.