Proposed Partner Visa Changes – NEW Two-Step Process

Partner visas are subject to legislative changes by the Australian government, and this year it is expected that certain proposed changes will be made law. These changes would affect all married and de facto relationships where a foreign national with an Australian Citizen or Permanent Resident partner wishes to apply for a Partner visa.

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Non-Residents and SMSFs – Tax Alert!

The Australian Taxation Office (ATO) considers a self-managed superannuation fund (SMSF) to be an Australian super fund, so long as it meets certain residency conditions. Any SMSF trustees and members need to be aware of their residency within and outside of Australia to avoid breaching the residency rules and rendering their SMSF subject to the highest marginal taxation rate of 49%!

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Superannuation Guarantee Amnesty – Self-Correct your past Super Guarantee Liability

Superannuation entitlements payable by employers continue to be short-paid or unpaid and the Australian Governments wants to rectify this with a one-off Superannuation Guarantee (SG) Amnesty. The 12-month amnesty is currently legislated and available to you. It will run until 23 May 2019.

From now until 23 May 2019, you can take advantage of the amnesty by calculating the amount of SG payable (shortfall plus nominal interest) and preparing and lodging a SG Amnesty payment form.

Undeclared SG shortfalls between 1 July 1992 and 31 March 2018 are allowed under the amnesty. Beware that from 1 April 2018, deference to the law of timely SG payments is advisable, as any shortfalls from this date will not be considered under the amnesty.

You may choose to pay the SG shortfall directly in to the employees’ super fund/s or to pay the SG shortfall via the ATO.

Are you eligible under the amnesty?

Yes, if you voluntarily disclose a previously undisclosed SG shortfall within the amnesty period, exempting any SG shortfall disclosed prior to the 12-month amnesty start date.

You remain eligible so long as you commit to a payment plan and comply with the payment plan. The ATO will notify you to help you avoid a default or failure-to-comply.

No, if you are subject to a current SG audit by the ATO. Consult your financial advisor if you aren’t sure about your eligibility.

Why use the amnesty?

For some very attractive benefits to your company and your staff:

Resume SG-Compliancy… You will ensure your company resumes its SG-compliant status. Avoid Administration Fees*… You will avoid the *$20 administration fee on all SG shortfalls for new employees during the amnesty period.

Tax-Deductibility… All catch-up payments made during the amnesty period are tax-deductible.

Up-to-date Employee Super… Your employees’ fund/s will be up-to-date and your employees can more readily assess their contribution caps.

So, breathe a sigh of relief that you can rectify your SG shortfall (and avoid penalties). You can get back on track with your employee super payments, making for a far healthier financial future for both your company and your staff.

At YML Group we can guide you through the steps. Let us identify your unpaid SG, assess your eligibility and then prepare and lodge your SG Amnesty payment form.

For more information… https://www.ato.gov.au/Tax-professionals/Newsroom/Superannuation/Superannuation-guarantee-amnesty/?landingpage

 

How can YML help?

Talk to our YML Chartered Accountants Team today to see how YML Group can assist you with the SG Amnesty. Contact us on (02) 8383 4400, or by visiting the Contact Us page on our website.