MAP - August 2020 Update

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Superannuation Guarantee Amnesty Deadline Approaching
Amnesty relates to employers who have outstanding superannuation guarantee payments for employees from the period 1 July 1992 to 31 March 2018.

The amnesty allows employers to disclose any unpaid super for the above period without incurring hefty fines and also to claim a tax deduction for the payments if made by 7 September 2020.

 

If the ATO identify employers who have not paid the correct amount of super, before they come forward as part of the amnesty, they will not be eligible for the beneift of the amnesty. These employers would then need to pay the following:

 

  • Super guarantee shortfall
  • Nominal interest (10%)
  • Administration component ($20 per employee per quarter)
  • Part 7 penalty (up to 200% of the SGC)

 

In addition, payments of the SGC won't be tax deductible.

We highly recommend that any employers who have not met their super obligations take part in the amnesty before the 7th of September 2020, particularly as the introduction of Single Touch Payroll allows the ATO to identify non-compliance.
For more information and to apply go to - ato.gov.au/business/super-for-employers/superannuation-guarantee-amnesty


NSW Small Business COVID-19 Recovery Grant
  • NSW small businesses only
  • Employ less than 20 full-time equivalent staff (based upon 35 hours per week full time)
  • Non-employing businesses can also apply
  • Have an annual turnover above $75,000
  • Wages below the payroll tax threshold for 2019-20 of $900,000
  • Have an ABN and employ staff at 1st March 2020
  • Experienced at least a 30% reduction decline in turnover from March to July 2020 compared to a equivalent period (of at least 2 weeks) in 2019
  • A highly impacted business - however you can possibly still qualify for this grant, if your business is not in the List of Industries highly impacted.  A letter is required from your accountant to confirm eligibility
  • Eligible costs associated with reopening or up-scaling business from 1 July 2020
  • Applications close on 16 August 2020.  Need to act now as late applications will not be accepted
  • Apply online and further information available at https://www.service.nsw.gov.au/transaction/apply-small-business-covid-19-recovery-grant
If you would like assistance in determining your potential eligibility for this grant, please get in touch with us as soon as possible.

 

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