Business & Profit Matters Newsletter – Autumn 2024

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Click here to download the Business & Profit Matters Newsletter – Autumn 2024

 

Business & Profit Matters Newsletter – Summer 2024

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Click here to download the Business & Profit Matters Newsletter – Summer 2024

 

Business & Profit Matters Newsletter – Spring 2023

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Click here to download the Business & Profit Matters Newsletter – Spring 2023

 

Business & Profit Matters Newsletter – Winter 2023

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Click here to download the Business & Profit Matters Newsletter – Winter 2023

 

ATO Audit Activity is on the Increase

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The ATO is significantly increasing its audit activity in a range of areas, with increased funding attributed to the ATO in the last budget.
 
Data-matching and Analytics are being utilised to focus on Superannuation Guarantee, PAYG Withholding and specific deductions, just to name a few areas. The ATO also has a ‘Random Enquiry’ program, to ensure increased review of entities and individuals.
 
Should you be audited by the ATO, even if no adjustments are required, you could still be left with considerable professional fees. It is for this reason, we offer our Audit Shield service which covers these (up to predetermined limits).
 
Please click below for further information and we highly encourage you to consider undertaking this insurance.
 
 
If we can assist with any information on this matter or if you have any questions regarding this email, please do not hesitate to contact our office on (02) 8543 6800.

 

ATO SmartDocs – New ATO Mail System

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Our new ATO SmartDocs mailing system enables us to download all ATO mail on behalf of our clients and distribute it electronically.
 
What can you expect?
 
When you receive electronic mail from the ATO, you will receive a text (SMS) message. This will advise you to log into your email account and use the 6-digit code in the text message to access your mail. 
 
Note, our system can only send mail digitally if we have a valid email and mobile number for you. 

If your details have changed, please contact our office to update your records.
 
What are the benefits?
 

  • You receive your mail faster

 
Traditional paper mail sent from the ATO can take days or even weeks to reach you through postage methods. Electronically, we can have your mail to you the day it is available.
 

  • It is more secure

 
ATO mail often contains sensitive information including your TFN, taxable income, home address and other personal details. Identity theft is on the rise and documents sent by email or traditional post increase the risk of your information falling into the wrong hands.
 

  • It is better for the environment

 
With our new system we can receive and deliver your ATO mail to you without using any ink, envelopes, stamps, fuel or even a single sheet of paper. Across our thousands of clients this is a win for the environment.
 

  • It is more reliable

 
The ATO now uses six different methods to deliver mail to taxpayers. One of these is delivery through myGov which poses problems for many clients that might not realise the document has been delivered and may miss an important lodgement or payment deadline.
 
Frequently asked questions:
 
Can I reply to the email I receive via this system?
 
The system produces a no-reply email that is unattended. If you have a question, please either email us at office@hydadvisory.com.au or call our office on (02) 8543 6800.  
 
Why have I received an SMS but no email?
 
Our system will only send mail digitally if we have a valid email and mobile number for you. Check your junk mail for the email, otherwise contact our office to confirm your details.
 
Why have I received an email but no SMS?
 
Our system will only send mail digitally if we have a valid email and mobile number for you. This could mean that the SMS has gone to an old or incorrect mobile number the code in the link is of no use without access to the email. Please contact our office to confirm your details.
 
I am receiving paper correspondence. How do I get digital delivery?
 
If you are receiving ATO mail through traditional postage methods it means we either do not have current valid email and mobile details for you, or you have previously asked us to stay with paper. Please contact us to update your details or preferences.
 
Can I still receive paper correspondence?
 
We encourage you to give our digital system a go for the reasons above, however we still understand that some people are not ready or able to use digital systems. Just let us know if you prefer to remain with paper correspondence.

If we can assist with any information on this matter or if you have any questions regarding this email, please do not hesitate to contact our office on (02) 8543 6800.

Budget 2023-24

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Click here to download the Budget 2023-24

 

NOW OPEN – ENERGY EFFICIENT GRANTS FOR BUSINESSES

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NOW OPEN – ENERGY EFFICIENT GRANTS FOR BUSINESSES
 

What Is The Grant?
The Energy Efficiency Grants for Small and Medium Enterprises (SME’s) Round 1 will support businesses to upgrade or replace inefficient equipment to improve their energy efficiency.
The objectives of the program are to: 

  • improve energy efficiency practices and increase the uptake of energy efficient technologies 
  • assist small and medium businesses to manage their energy usage and costs
  • reduce greenhouse gas emissions. 

 
Who is Eligible?
SME’s with an employee headcount from 1-199 employees are eligible to apply.
 
*Please refer to the attached Guidelines for complete eligible criteria.
 
What Funding does the Grant Provide?
Grants from $10,000 to $25,000 to cover up to 100% of eligible project expenditure.
 
How Do I Apply?
Businesses will need to establish an account to access the online portal at business.gov.au.
 
Application are available through the link below:

https://business.gov.au/grants-and-programs/energy-efficiency-grants-for-small-and-medium-sized-enterprises-round-1#how-to-apply
 
Applications are limited so we recommend you to apply ASAP.
 
Frequently Asked Questions

What are the examples of eligible activities and expenditures?

  • Replacing non LED Lights with LED lights
  • Install automatic lighting control equipment
  • Replace an existing refrigerated display cabinet with a new high efficiency unit
  • Replace a refrigeration compressor
  • Conduct a detailed engineering feasibility study for an energy efficiency upgrade
  • Purchase and install equipment to meter, monitor and record energy use (eg smart meters)

 
Can you do multiple projects? Eg replacing both the LED lights and Heatpump?

  • Yes, given the cost is 10k minimum, and you can also satisfy other eligibility criteria.

 
What if my cost is higher than $25,000?

  • You will get maximum of $25,000 if approved. Any amount above $25,000 will not be covered by the Grant.

 
What if my cost is less than $10,000?

  • You need to spend a minimum of $10,000 to be eligible for this grant.

 
Links and Documents for reference

You can find more information about this Grant at:

https://business.gov.au/grants-and-programs/energy-efficiency-grants-for-small-and-medium-sized-enterprises-round-1#at-a-glance
 

 

Click Here for EEF for SMEs Round 1 Guidelines

 

Click Here for FAQs (others)

 

Click Here Sample application form

 

If we can assist with any information on this matter or if you have any questions regarding this email, please do not hesitate to contact our office on (02) 8543 6800.

$3 Million Super Cap Changes – How it Impacts You

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The Government has announced that from 1 July 2025, an additional tax of 15% will apply to a new definition of ‘earnings’ for superannuation balances exceeding $3 million.

WHAT IS IT?

The increased tax will apply to individuals with a Total Superannuation Balance of $3 million or more on 30 June 2025.  This includes all superannuation, across both pension and accumulation accounts, across all superannuation funds.
 
WHEN DOES THIS BEGIN?

The new tax will commence for the 2026 financial year, and the initial tax assessments will be sent to members after 30 June 2026.

WHAT DO I DO?

Nothing at this stage – there are many significant questions and concerns that will be raised with Treasury as part of the consultation process before legislation is drafted.

In addition, the new system will not apply until the 2026 financial year, allowing people to consider their own situation prior to this and restructuring if necessary.
 
HOW IS IT CALCULATED?

Essentially, the ATO will use the below calculation to determine how much tax is payable:

Earnings = Total Superannuation Balance (on 30 June of the current year) – Total Superannuation Balance (on 30 June of the previous year) + withdrawals – net contributions.

The earnings will then be apportioned to only include the amount over $3 million.

Proportion = (Total Superannuation Balance (on 30 June of the current year) – $3 million) / Total Superannuation Balance (on 30 June of current year)
 
WHAT IF ASSET VALUES GO DOWN?

If the above calculation results in a loss, then the member will be entitled to a carry forward loss to offset increases in subsequent years – however, there is no tax refund applicable.

We will keep you updated as this matter develops.

Business & Profit Matters Newsletter – Summer 2023

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Click here to download the Business & Profit Matters Newsletter – Summer 2023