superannuation

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3 Taxation Changes That Will Affect Your Business In 2022

With June 30th fast approaching, small businesses around Australia are busily ensuring their tax obligations are met. However, in the rush to meet the June 30 deadline, it can be difficult to keep track of the changes coming into effect on July 1st. The changes include increases to the national minimum wage, ASIC fees and…

Superannuation choices changing from November 1st, 2021

From November 1st 2021, employers will need to complete a different procedure for new employees when it comes to superannuation. The current situation is that if an employee doesn’t stipulate which superannuation fund they would like contributions made to, employers can assign them to a default superannuation fund. As a result, some employees “collect” several…

Early superannuation release criteria broadened due to the pandemic

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…

The super guarantee amnesty ends in September – make sure you’re prepared

The super guarantee amnesty ends in September – make sure you’re prepared The amnesty on companies paying backdated super guarantees comes to an end on 7th September. This amnesty was designed to help companies pay back years of payments that may have gone missing, but without any penalties from the government. If you haven’t yet…

What is Super Clearing House?

For business owners, making superannuation contributions for employees is essential. However, coordinating payments from different super funds can be complex. Thankfully, the Australian Government makes the process less stressful with the Superannuation Clearing House. It’s designed to eliminate red tape and reduce unnecessary overheads for small business owners. In this comprehensive article, you’ll learn what…

Information is power: protecting businesses from corona virus

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…

New ATO Tax Debt Powers Set To Impact Business Operations

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…

Recent Superannuation Guarantee Changes & Superannuation For Home Buyers – What You Need To Know!

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 Personal Superannuation Contributions & What Is Involved

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…

Avoid Errors Claiming Personal Super Contributions Deductions – ATO Update

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…