Enhancing the transparency of income tax exemptions for certain NFPs by way of requirement to submit online annual self review forms

Currently, non-charitable not-for-profits (NFPs) can self-assess their eligibility for income tax exemptions and do not have to report to, or otherwise be endorsed as income tax exempt by the ATO. The type of organisations falling within this group include sports clubs and community service organisations. 2021–22 Federal Budget announcement As part of the 2021–22 Federal … Read more

Removing the $450 per month threshold below which superannuation guarantee is not required to be provided by the employer

As part of the 2021–22 Federal Budget, the Government announced that it will remove the current $450 per month minimum income threshold, below which employees do not have to be paid the superannuation guarantee by their employer. This is to take effect as of the first income year after Royal Assent of the enabling legislation … Read more

General Article – E-invoicing, not electronic invoicing – there is a difference

Money flows out under digital process such as Single Touch Payroll (STP) – what if money could flow in through a digital process? E-Invoicing (a step beyond electronic invoicing) is coming. Readers will be aware that for many businesses, money has been flowing out through a fully digitised process under the STP regime for some … Read more