Are you a sole trader, owner of a small business or not-for-profit organisation in NSW?

Then this could be for you! If you’re business has been impacted by COVID-19 (who hasn’t?), then you could be eligible for a rebate of up to $1,500 for costs of eligible NSW and local government fees and charges due and paid from 1 March 2021.

For a full list of eligible fees and charges, click here.

To be eligible for this rebate, your business must:

– Have wages less than the 2020-2021 payroll tax threshold of $1.2 million;
– ABN registered in NSW and/or have a business premises physically locating and operating in NSW.

You can find out more and Apply online here.

If you have any queries, don’t hesitate to give us a call!

Effective from 1 July 2021, SMSFs can now have up to 6 members (previously 4). For larger families, this could mean no more having to choose the ‘favourites’ or potentially consolidating two (or more) family SMSFs into one. As the proverb goes (or doesn’t go): “The family that invests together via the same SMSF stays together.”

There are many pros and cons to extending the members (so to speak) of an SMSF and you should not make this decision lightly just because you now can. All members must generally also be trustees or directors of a SMSF trustee company and so wield a great deal of power and influence over the SMSF. There are also some administrative requirements involved in adding members.

If you’d like to know more about the changes and requirements, you know where to find us!

family holding hands

The catch-up super contribution rules are in play and may be a useful way to smash more tax deductible contributions into super.…what does this mean for you?!

You can now potentially make additional contributions as a catch-up on unused concessional cap amounts from previous years!!!

three Surprised cats

For example, your concessional contribution cap was $25,000 last year and if your total concessional contributions (including any super guarantee or salary sacrifice payments from your employer) was only $15,000, you may be eligible to use your previous year’s excess amount (e.g. $10,000) as part of this financial year in addition to this year’s cap of $25,000. That’s potentially a $35,000 tax deductible contribution this year.

To be eligible your total super balance at the end of the previous financial year must be less than $500,000. We can access this information and your carry forward unused contribution amounts instantly via the ATO portal (and you may also be able to via My Gov).

You’ll have to be quick! Super contributions need to be received by your fund on or before the 30th June to be included as part of this financial year. But please note, you may still be eligible to catch up in later financial years also.

If you’re unsure about your total super balance, concessional caps or whether or not you have any unused cap amounts from previous years, please feel free to give us a call.

The Halletts Team