New Services to attract Foreign Businesses
- The ATO has launched its New Investment Engagement Service (NIES) on 1st July 2021.
- The purpose of launching these services is to promote confidence & assist foreign Investors in understanding potential tax risks arising from their proposed investment.
- This will offer the Foreign Investors, ‘tailored engagement services’ with the ATO specialists.
- This service is available to all Foreign Businesses making investments into Australia for $250 Million and above.
ATO UPDATES/CHANGES TO LEGISLATIONS:
3 main reasons for delayed refunds
- The taxpayer missing out on reporting the correct income in the tax return.
- The taxpayer trying to lodge the tax return even before the annual information gets filled into the Pre – Filling Report.
- The taxpayer doesn’t update their bank account details in the tax return.
Travel Per Diems for FY2021-22
|Nature of Expense||Amount/day|
|Meal expenses for employee truck drivers||Breakfast – $26.15
Lunch – $29.85
Dinner – $51.50
COVID-19 SUPPORT MEASURES:
NSW COVID-19 package 2021
|Job saver program||
Victoria & South Australia COVID-19 package 2021 (Both states shares the same data)
|Hours lost/week during the lockdown||Amount/Week|
|80 to 20||$375|
Tax Exemption status to the below Victorian Government Grants
- Alpine Support Program
- Business Costs Assistance Program Round 2
- Impacted Public Events Support Program
- Licensed Hospitality Venue Fund 2021
- Live Performance Support Program
- Sustainable Event Business Program
Super Guarantee (SG) rate
- With the SG rate increased from 9.50% to 10% on 1st July 2021, the ATO has reminded us that the rate used to calculate SG contributions depends on which quarter the employee is paid.
- This means the increased rate of 10% applies when an employee is paid in July 2021 for work done in June 2021.
Super pension drawdowns – 50% reduction extended
- The SIS regulations have been amended to extend the temporary 50% reduction in minimum annual payment for superannuation pension & annuities up to 30th June 2022.