Business Update 28th October 2021

28/10/2021 | Bookwiz Franchising Pty Ltd

Welcome back to our Business Update. Read on for the latest updates and some ideas to help us all move forward.

Upcoming Key Dates for October 2021

Here are the upcoming key dates for the month of October:

28 Oct 2021

September quarter Super Guarantee due
September quarterly BAS due
September quarter PAYG instalment due

Skills Shortage After 2 Years of Lockdowns

After two years of stop-start lockdowns in the country, venues are facing a difficult summer after a huge exodus of holiday workers and foreign students.

Strict border closures have left a gaping hole in the market for casual workers, with hospitality-focused firms being forced to turn down some jobs even as the economy opens up.

Latest data show that the number of non-resident workers in the country was down by two-thirds in June 2021 from the start of 2020.

JobMaker Hiring Credit Payments for 3rd Period

JobMaker Hiring Credit payments can be claimed by 31 October 2021 for additional eligible employees hired between 7 April 2021 and 6 July 2021. Eligible businesses can claim for up to a year for each additional eligible employee hired between 7 October 2020 and 6 October 2021. Get in touch with us for assistance in your claim.

Change in Super Rules from 1 November for Your New Employees

There’s an upcoming change that involves an extra step to comply with ‘choice of fund’ rules when a new employee starts working for you. Currently, if new hires don’t choose their own Super fund, the employer can pay Super contributions for them to your default fund.

Starting 1 November, employers will need to request their ‘stapled super fund’ details from the ATO. A stapled super fund is an existing account which is linked to an employee, and this change in rules aim to minimise the number of additional Super accounts opened each time an individual starts a new job.

You can use online services for business to request for your new hires’ stapled super fund details. If you need help with your tax and super, get in touch with us!

Changes for Directors starting in November: Identification Number Needed

All directors of a company will need a director identification number (director ID) from November.

The director identification number is a unique identifier that allows shareholders, creditors, employees, and consumers to know certain details about the directors of a company. All directors are required by law to verify their identity with the Australian Business Registry Services before receiving a director ID.

All directors need to apply for their own ID so while we can’t apply for this on your behalf, we can help you if you have any questions.

You can also follow the steps for application here when it’s available in November.

Australia-Singapore Travel Lane Begins on 8 November

Australia and Switzerland will join the eleven countries – including the United States, the United Kingdom, Spain, Italy and France – that have signed on to Singapore’s vaccination travel lane arrangement that replaces quarantine with COVID-19 testing pre-departure and on arrival. The start date for this long-awaited agreement will be on 8 November.

Disaster Payments to Be Scaled Back

The COVID-19 Disaster Payment which gives $750 a week to people who have lost at least 20 hours of work, and $450 a week to those who have lost between eight and 20 hours, will be wound back as each state and territory hits the 70% and 80% target vaccination rates for those aged 16 years old and above.

At 70% fully vaccinated, people will have to reapply each week for the payment, instead of it being automatically renewed. Meanwhile, at 80%, the payment will be phased out entirely within two weeks..

Support for Apprentices to be Expanded

The $3.9 billion Boosting Apprenticeship Commencements program will extend support into the second and third year of an eligible Australian Apprenticeship through the $716 million Completing Apprenticeship Commencements program.

From October, eligible employers will receive a 10% wage subsidy in the second year of an eligible apprenticeship, and 5% in the third year. The government’s investment is expected to continue to support the 270,000 anticipated commencements under the Boosting Apprenticeship Commencements program from October 2020 to March 2022.

ATO support for those affected by COVID-19 restrictions or disasters

The ATO has a range of support options to help those affected by disasters or those experiencing challenges due to continuing COVID-19 restrictions.

The ATO may be able to:

prioritise any refunds owed to you
set up a payment plan tailored to your individual situation
remit penalties or interest charged during the time you have been affected.

If you need help to manage your tax or superannuation obligations, please get in touch with us.

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