Employers: Are you ready for the new ‘stapling of super’ rules?

Under the current super choice rules,  employers are required to offer eligible new employees a choice of superannuation fund in order to meet their superannuation obligations. If a new employee fails to nominate their preferred superannuation fund, an employer can comply with the choice of fund rules, by making superannuation guarantee (SG) contributions on behalf … Read more

FBT exemption for employer provided employee reskilling training

In a TaxEd article in May 2020 (click here) we outlined the 2020–21 Federal Budget proposal to introduce an FBT exemption for retraining and reskilling benefits that employers provide to redundant, or soon to be redundant, employees where the benefits may not be related to their current employment. The problem being fixed? Such retraining and … Read more

ACNC charity registration for all Non-Government DGRs required by 14 December 2022

Most Deductible Gift Recipient (‘DGR’) organisations are already registered with the ACNC as a charity, given, generally ACNC registration is a pre-condition of DGR status. In fact 41 of the 52 general DGR categories already require ACNC charity registration. However by 14 December 2022, the remaining 11 categories are also required to be registered. The … Read more

Member Q&A – Providing education assistance to students who may become future employees?

Question Our office is planning to sponsor several university students completing tertiary education. The financial assistance will be $X per annum to fund higher education loans and other expenses. The students who accept the offer will be required to work for our organisation for a specific number of years upon graduation. The financial assistance would … Read more

NFPs: Get ready for annual reporting of self-assessment of income tax exemption eligibility

In the June 2021 Tax Update (click here) we covered an announcement in the 2021-22 Federal Budget that will have widespread application across the not-for-profit sector. The issue is summarised below. 2021–22 Federal Budget announcement As part of the 2021–22 Federal Budget, the Government has announced that it will enhance the transparency of income tax … Read more

Superannuation Guarantee Charge and remission of penalties – the state of play

Despite the best of intentions, employers will from time to time find that they have underpaid/late paid employee superannuation entitlements. Once an underpayment or late payment is identified, corrective action is required. One of the unfortunate consequences is the potential imposition of penalties. It has been almost a year since the super guarantee (SG) amnesty … Read more