December 2021 Update
NSW COVID-19 Hardship Review Panel Applications now open
Applications can now be made for financial assistance by businesses that;
- have not previously been eligible for COVID-19 business support
- had their applications for COVID-19 business support refused, or
- did not previously apply for COVID-19 business support
Applications can be made by 'booking a call' with a NSW Business Concierge through this Service NSW link.
To be eligible to apply to the hardship review panel, businesses must be able to demonstrate they;
- do not meet the eligibility criteria for 2021 COVID-19 business grant, micro-business grant or Jobsaver payment, or
- have had applications refused due to not meeting the required 30% decline in turnover or do not meet the minimum annual turnover requirements, and
- are experiencing financial hardship as a result of NSW public health orders.
Further details can be found in the Guidelines.
Director IDs now available online
Company directors can now apply for their new director ID using the Australian Business Registry Services (ABRS) website and downloading the myGovID app on your smart device.
There are certain dates when you need to apply by, depending upon the date you became a director. Further information about the director ID can be found here.
You can also watch the ATO's webcast here.
Superannuation changes from 1 November 2021
From 1 November 2021, where an employee has an existing superannuation account, that account will be 'stapled' and follow them when they change jobs. That is, unless the employee nominates a different superannuation account, employers will be able to pay super contributions into the new employee's existing superannuation account.
There are tie-breaker rules to determine which fund will be 'stapled' to an employee where they have multiple funds.
What do employers need to do?
From 1 November 2021, the process for making Super Guarantee (SG) contributions for any new employees will change and will impact your onboarding and payroll processes.
The ATO has provided a handy Reference Guide for Employers which has a summary of the changes and how to request stapled super fund details for a new employee. You can also view the ATO's webcast here. Note these changes do not affect existing employees, and you must continue to make their compulsory SG payments into the same super fund account you do today.
Please do not hesitate to contact our team of tax and super experts if you have any further queries regarding these changes.