The recent Covid-19 pandemic has had devastating consequences for many businesses, particularly those who have had to stop trading since restrictions were imposed in March 2020. Not only are many self-employed people feeling the pinch, firms are being forced to close, or dramatically reduce their workforce. This can leave employees in dire financial straits, at…
Every day the continuing spread of corona virus brings more developments as governments worldwide introduce measures like social distancing and quarantine to manage its effects. Stock markets are taking hits. Financial projections are shrinking. And it seems no business is immune to the disruption this virus is bringing. But at Pherrus Financial Services we are…
The Australian Taxation Office (ATO) has been granted new powers allowing it to disclose information surrounding businesses’ tax debts to registered credit reporting bureaus. This legislation has been in the works for a while now, having been on the government’s agenda since 2014. It finally received royal assent on 28 October 2019. The ATO’s new…
Superannuation Guarantee & Salary Sacrificing Superannuation has always been about Future Money. Money stored away for your future. Your super is your future. Payments towards that future is known as a super guarantee contribution or concessional (pre-tax) contributions. You also have the ability to make Voluntary contributions on top of this amount. Boosting your super…
Claiming deductions for personal super contributions Have you made personal super contributions in the last financial year? You may be eligible to claim a tax deduction. In this article, we’ll discuss your eligibility to claim tax deductions, as well as how to make a claim. Let’s jump right into it. What kind of superannuation contributions…
In 2017, the Australian Securities and Investments Commission (ASIC) detailed legal changes in funding arrangements. Although these changes were phased in to minimise confusion, some companies may find they experience errors when claiming personal super contribution deductions. One time of year where these errors are most likely to occur is during the rush to file…
If you’re running a business that employs staff, the chances are you need to pay super guarantees. How much you need to pay will vary according to the number of hours the employee works, as well as their earnings. At present, the super guarantee rate is 9.5% of an employee’s earnings. While SG legislation passes,…