Servicing Greater Sydney, Parramatta

Spry Roughley Articles

It’s time to consider FBT

The ATO has issued a worksheet which summarises the FBT rates and thresholds for 2021–2022 (ie 1 April 2021 to 31 March 2022). Most of the rates have been previously announced, but the worksheet helpfully puts the numbers in one place and does include two previously unannounced thresholds.  Read more…

ATO reminder: lodge your TPAR

The ATO is reminding owners of businesses that provide various services to lodge their taxable payments annual report (TPAR) for the 2019–2020 income year. It estimates that around 280,000 businesses were required to lodge a TPAR for the 2019–2020 financial year, but at the beginning of March around 60,000 businesses still had not complied with the lodgment requirements. The reports were originally due on 28 August 2020. To avoid possible penalties, these businesses are encouraged to lodge as soon as possible.  Read more…

COVID-19 stimulus and support measures winding back

A number of important stimulus and support measures are coming to an end, and some others have begun phasing out, which will occur over a slightly longer period. 

The following discussion does not address the status of all Coronavirus Support measures that have been implemented. For example, it does not include the various state-based revenue concessions (eg for payroll tax), nor other measures that have already ended (eg cash flow boost payments, early access to super). Its purpose is to highlight that, as the pandemic (hopefully) recedes, so too government support winds back. Advisors and clients need to prepare for a business environment where the government safety net is not as wide.  Read more…

Life insurance in super: costs on the way up?

Having insurance through superannuation can be a tax-effective and cost-effective way of protecting yourself and your loved ones. Most funds offer three different types of insurance through super, each covering different contingencies: life insurance, total and permanent disability (TPD) insurance and income protection insurance.  Read more…

Tax implications of having more than one job

With insecure, contract and casual work becoming increasingly common, particularly in the current COVID-19 affected economy, it's no surprise that many young and not-so-young Australians may have income from more than one job. Where your clients are working two or more jobs casually or have overlapping contract work, they may seek your assistance in avoiding an unexpected end of financial year tax debt.  Read more…

Closely held payees: STP options for small employers

Small employers with closely held payees have been exempt from reporting these payees through single touch payroll (STP) for the 2019–2020 and 2020–2021 financial years. However, they must commence from 1 July 2021.  Read more…

ATO data-matching: JobMaker and early access to super

The ATO is kicking into gear in 2021 with another two data-matching programs specifically related to the JobMaker Hiring Credit and early access to superannuation (COVID-19 condition). While the data collected will mostly be used to identify compliance issues and initiate compliance activities in relation to JobMaker and early access to super, it will also be used where applicable to identify compliance issues relating to other COVID-19 economic stimulus measures including JobKeeper and cash flow boosts.  Read more…

Super transfer balance cap increase from 1 July 2021

The superannuation general transfer balance cap is set to increase on 1 July 2021. This follows the release by the Australian Bureau of Statistics (ABS) of the All groups consumer price index (CPI) index number of 117.2 for the December 2020 quarter, which has triggered the indexation of the general transfer balance cap to $1.7 million (up from $1.6 million since 2017–2018).  Read more…

Your Future, Your Super legislative changes

The Treasury Laws Amendment (Your Future, Your Super) Bill 2021 was introduced into the House of Representatives on 17 February 2021 to implement some of the measures announced in the 2020–2021 Federal Budget. It also incorporates the Productivity Commission's report Superannuation: Assessing Efficiency and Competitiveness.  Read more…

ATO warning: watch out for tax avoidance schemes

To many individuals, the difference between tax planning and tax avoidance is not immediately obvious, while the ATO considers the former to be a legal way of arranging your affairs to minimise the tax you pay, the latter could land you in legal hot water. So, how can your clients tell the difference? The ATO has outlined some common features of tax avoidance schemes in order to warn individuals to steer clear of them. While it is not always easy to identify these schemes, the old adage of "if it seems too good to be true, it probably is" usually applies.  Read more…

COVID-19 Supplement extension to 31 March 2021

The Federal Minister for Families and Social Services has registered the Social Security (Coronavirus Economic Response – 2020 Measures No 16) Determination 2020 to ensure the continued payment of the COVID-19 Supplement to 31 March 2021.  Read more…

Working from home deductions: “shortcut” rate until 30 June 2021

The ATO has again extended – this time from 31 December 2020 to 30 June 2021 – the application of the "shortcut" rate outlined in Practical Compliance Guideline PCG 2020/3 for claiming work-from-home running expenses.  Read more…

JobMaker Hiring Credit rules and reporting

The Government registered the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No 9) 2020 on 4 December 2020. These set out details of the JobMaker Hiring Credit rules.

The JobMaker Hiring Credit was announced in the Federal Budget and legislation to implement the rules – the Economic Recovery Package (JobMaker Hiring Credit) Amendment Act 2020 – received assent on 13 November 2020. This Act contains what may be termed the "machinery" provisions, while the Statutory Rules contain the "nuts and bolts" of the system.  Read more…

Small businesses: don’t forget your FBT concessions

If your clients own a small business still recovering from the COVID-19 induced downturn, remember that they can take advantage of FBT concessions to lower the amount of FBT they will need to pay. The concessions include exemptions for car parking in some instances, and work-related portable electronic devices. All this could mean more cash to invest in the revitalisation and ultimate success of small businesses. Even if a business was not considered to be a small business entity a few years ago, the turnover threshold has changed, and it may be worth a reassessment.  Read more…

New insolvency rules commence

Important changes to Australia's insolvency laws commenced operation on 1 January 2021. The Government has called these the most important changes to Australia's insolvency framework in 30 years.  Read more…

Coronavirus Supplement extended (but reduced)

The Federal Government's Coronavirus Supplement has once again been extended for a further three months, accompanied by an associated cut-in rate. The first extension was due to end on 31 December 2020, but the extension will allow the Supplement to run until 31 March 2021, which will be welcome news for many individuals still struggling with unemployment and other economic difficulties associated with the COVID-19 pandemic. However, recipients should be aware that the Supplement rate will be further cut from 1 January 2021 to $150 per fortnight. Read more…

Additional $250 Economic Support Payments on the way

The Social Services and Other Legislation Amendment Coronavirus and Other Measures Bill 2020 received Royal Assent on 13 November 2020 as Act no 97 of 2020. Read more…

ATO advises of PAYG instalment and company tax rate error

On 10 November 2020, the ATO advised that the recent reduction in the company tax rate had not been applied correctly in its systems from 1 July 2020. The error, which resulted in pay-as-you-go (PAYG) instalments being calculated using the former rate of 27.5% and not the correct 26%, affected companies that are base rate entities with an aggregated turnover of less than $50 million. Read more…

ATO post-COVID expectations for businesses

The ATO has recently outlined its expectations for businesses post-COVID. Overall, it warns companies against using loopholes to obtain benefits from the various government stimulus packages and urged them to follow not only the letter of the law, but also the spirit of the law. Specifically, it reminds taxpayers that measures such as the expanded instant asset write-off and the loss carry-back scheme should not be used in artificial arrangements for businesses to obtain an advantage.  Read more…

JobMaker Hiring Credit up to $200/week: draft rules

The Federal Government has released an exposure draft of the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No 9) 2020, which sets out details of the JobMaker Hiring Credit rules.  Read more…

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