TAX ALERT - Superannuation Guarantee Amnesty
Lowe Lippmann Chartered Accountants
Introduction
During September 2019, the Government re-introduced the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 into Parliament, which proposes to introduce a one-off superannuation guarantee (SG) amnesty for employers who have not always complied with their SG obligations.
Those employers who voluntarily disclose their non-compliance to the ATO during the amnesty period would be; able to claim income tax deductions for the SG amounts disclosed, will not be charged the administration fee, and will not be subject to any further penalties.
Planning for Superannuation Contributions before 30 June 2025 As the end of the financial year is approaching, we take this opportunity to remind you of the various superannuation thresholds, opportunities, obligations and changes, including topics such as: Concessional contributions Non-concessional contributions Superannuation guarantee Impending proposed changes to superannuation from 1 July 2025
How to manage business day-to-day transactions The ATO has the following tips for small business owners "that can make your tax life easier": They should keep an eye on upcoming expenses, and regularly update their books and reconcile their accounts. They should set aside the GST they collect (ie. by transferring it into another bank account within the business to keep it separate from their cash flow). They can also set their PAYG withholding and super aside, so they will have the funds available when payments are due. They should plan ahead and schedule time in their calendar to prepare their business activity statement ( BAS ), and lodge and pay their BAS on time. If you need assistance with any of these issues, please contact our office.
ATO's new focus for small business The ATO is currently focusing on the following 'specific risk areas', where it is concerned "small businesses are getting it wrong": Contractors omitting income — with a focus on data matching to ensure all income is reported. Quarterly to monthly BAS reporting for GST purposes — The ATO will move around 3,500 small businesses with a history of non-compliance to monthly reporting from 1 April 2025. Small business boost claims — with a focus on encouraging self-amendments to correct errors and omissions. The ATO will also continue its focus on non-commercial business losses, small business capital gains tax ( CGT ) concessions, business income that is not personal income, incorrect claims for 'small business boosts', GST registration and income of taxi, limousine and ride-sourcing services.
