Newsletter

Throughout March 2022, the Australian Taxation office (ATO) sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations.

These letters are a warning shot and should not be ignored.

From 1 July 2022, two important super guarantee (SG) changes will apply to your business.

These are:
• the rate of SG is increasing from 10% to 10.5%; and
• the $450 per month eligibility threshold for when SG is paid is being removed. You only need to pay super for workers under 18 when they work more than 30 hours in a week.

The SG rate is legislated to increase to 12% by 2025.

JUNE 2022 – TAX LODGMENT EMAIL SCAM

There is an increase in email phishing scams claiming to be from the Australian Taxation Office (ATO).

These scams tell people their '2022 tax lodgment' has been received. The email asks them to open an attachment to sign a document and complete their 'to do list details'.

REPORTING ADDITIONAL MEMBERS ON YOUR SMSF ANNUAL RETURN

From 1 July 2021, the maximum number of members for self-managed superannuation funds (SMSF) and small Australian Prudential Regulation Authority (APRA) funds increased from 4 to 6.