An interesting play on words. Let us break this down: crypto is a word element and, in this case, a suffix added to another word to give an enhanced meaning. So, crypto comes from a Greek word meaning hidden. Currency, simply is a ‘current’ means of exchange. This now tells us that cryptocurrency is a hidden means of exchange that can be currently used. To its credit, though, the system offers tight security. As such, this raised alarm bells with banks and the Australian Taxation Office. Again, let us step back for a moment. Have you ever heard of the…
Superannuation Guarantee Rate Increase – What does this mean? From 1 July 2021, the Federal Government has legislated that the Superannuation Guarantee (SG) rate be increased from 9.5% to 10% of your wage or salary. Basically, this means your employer must contribute, on your behalf, to your nominated complying superannuation fund, as a minimum, this new percentage based, on your ordinary time earnings. Such contributions help to fund your retirement. However, this may not sound as rosy as it is intended. Depending on your employment contract, it may mean your take-home pay has decreased because your superannuation has increased. For…
JobKeeper Payments Extended The JobKeeper payments have been extended; starting from 28 September 2020 to 28 March 2021 for those businesses that meet the eligibility requirements. This extension has been broken down into two parts: JobKeeper extension 1: runs from 28 September 2020 to 3 January 2021. To be eligible, your business must compare your September 2020 quarter turnover with the September 2019 quarter’s turnover. This criterion is required for those who are enrolling for the first time. However, you will also have to satisfy the original decline in the turnover test as well. If you were entitled to receive…
Having difficulty coming to see us in person to lodge your tax return? No problem! We at ERA Tax can complete your tax return online for you; this means you do not have to come in. In the words of that famous author, Mark Twain: ‘The secret of getting ahead is getting started.’ So, please text on 0499250120 or contact online for more details as to how we can achieve the lodgement of your tax return without you leaving home.
COVID-19 Stimulus Measures by the Government JobSeeker To apply for JobSeeker assistance, you must be: Between the ages of 22 and Pension Age. You must be a resident per the ATO rules. Your income and assets are below the test limits. In addition to all three of those requirements, you must also be either: Unemployed and looking for work or You are sick or injured and are unable to perform your normal work duties or study for what is referred to as a short time. You will need a medical certificate in this instance. However, if as a result of…