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Super choice rules will change from the 1st of November 2021

From the 1st of November 2021 if you have a new employee who does not choose a super fund you may need to request their ‘stapled super fund’ details from The Australian Taxation Office. What you need to Know You may need to submit a request for ‘stapled super fund’ details if the following apply: The new employee starts on or after 1st November 2021 Super Guarantee payments need to be made for that employee The employee is eligible to choose a super fund but does not. You may need to request stapled super fund details from some employees even though you do not need to offer them a choice of super fund.  This includes if your employees are temporary residents or they are cover by a Workplace Agreement of Workplace determination made before 1st January 2021. You and your representatives can request stapled super fund details for your employees if you have full access to Online services for business. You need to review and update these accesses to protect the privacy and safety of your employees’ personal information. You must meet your choice of super fund requirements and any stapled super fund obligations by the quarterly due date or you may face penalties. What you need to do from 1 November 2021 Offer your eligible employees a choice of SuperFund You need to give your eligible new employees a Super standard choice form and pay their super into the account they tell you on the form. Most employees are eligible to choose what fund their super goes into. Request Stapled super fund details If your employee doesn’t choose a super fund, you may need to log into The ATO Online services and go to ‘Employee Super Accounts’ to request their stapled super fund details. Your agent or other tax professional can do this for you. If The ATO provide a stapled super fund result for your employee, you must pay your employee’s super using the stapled super fund details provided by The ATO. Pay super in to default fund You can pay into a default fund, or another fund that meets the choice of fund obligations if: your employee doesn’t choose a super fund, and The ATO have advised you that they don’t have a stapled super fund For further information or assistance in understanding the changes please call 02 4228 4877 or email Admin@Journey2.com.au

Test & Isolate payment available to all NSW Residents

A one off support payment is available to eligible workers who reside anywhere is NSW when they are required to take a COVID 19 test and isolate immediately. To be found eligible for the $320 one off payment you must: Be 17yrs old or older; Taken a COVID 19 test (nose & throat swabs known as PCR tests). As of 9th of September 2021 all residents of NSW are able to access the grant if they meet eligibility criteria; Have needed to self isolate after your COVID 19 test, or be the carer or guardian for someone who needed to self isolate after their test; Would of worked during the period of self isolation and are unable to attend work because you are required to self isolate after a COVID 19 test or having to care for someone who is required to self isolate after their COVID 19 test You will not be eligible if: You can work from home during your time of self-isolation Are able to receive any income, earning or salary during your time of self isolation Are able to access Special pandemic leave, sick leave or carers leave Are receiving an income support payment from the Australian Government (this also includes the COVID 19 Disaster payment or Pandemic Leave Disaster Payment) or financial support from the NSW Government (Ie Micro Business grant or JobSaver payment) during the time you are required to self isolate You have been instructed by NSW Health to test and isolate as you have been identified as a close contact of a known COVID 19 case Undertaken a Rapid Antigen test Or are an essential worker that is required to test every 3 days Before you apply You will need a MyServiceNSW account – An account can be created at the start of your application Date, Time and location of your COVID 19 test (If you were provided with a reference number from NSW Health you must provide this number or name of the testing facility , if known 1 proof of ID – ie. Australian Drivers licence, medicare card or passport Proof of residential address – ie. Lease agreement or electricity bill Proof of employment – payslip, contract, letter from your employer or if you are a sole trader, your ABN Provide your bank account details you would like funds to be deposited to How to apply Check the eligibility criteria – do you meet the requirements? Have all documentation and supporting evidence ready to be uploaded during the application (you cannot save or restart during the application process) Click the apply online button through the ServiceNSW website Create or login to your ServiceNSW account Confirm your identity Confirm personal details Answer all eligibility questions Provide details of your COVID 19 test Upload supporting evidence of employment and proof of address documents Provide your bank account details Review your application Complete all declarations Submit your application to ServiceNSW Once the application has been submitted you will receive an email confirmation with your application reference number.  If email confirmation is not received check your Junk Mail folder.  If ServiceNSW requires further information to complete your application they will contact you. If you application is found to be successful you will be paid $320 within 3 days of lodging.

JobSaver Eligibility Changes

As per an announcement that was released LAST Friday (10/9/21), the NSW government has introduced a requirement to fortnightly reconfirm your eligibility for the JobSaver payment. These changes are unexpected and may impact your ability to receive future JobSaver payments. This requirement will commence for the fortnight 30/8/21 – 11/9/21 and will include the following: Confirming that your business has maintained the employee headcount as per your initial application That your business has continued to experience a 30% decline in turnover. Your turnover from 30/08/2021 – 11/09/2021 will need to be provided and this will be checked against the turnover for the same comparison year that was used in the initial application. Service NSW will send an email to each current recipient of JobSaver, providing details of how to provide the required information. If your turnover is still affected and you meet the eligibility requirements there should be no issue to submit the required information. However, if you are unsure or believe that you may not meet the requirements, then before you make any lodgements, contact our office on 02 4228 4877 for a more thorough assessment. This is a rapidly evolving issue and we expect more information will be available in the near future. A further update will be provided once more information has been released. You can also view the updated requirements at the following link: RECONFIRM YOUR JOBSAVER ELIGIBILITY

What is a Statement of Wishes?

This article is supplied courtesy of Kells Your Lawyers https://www.kells.com.au/insights/wills/what-is-a-statement-of-wishes/ A Statement of Wishes, also known as a Letter or Memorandum of Wishes, can be a very valuable addition to estate planning and communicating with loved ones after death. A Statement of Wishes is not legally binding, rather it is an informal and private document that accompanies your Will. The Statement of Wishes can be updated as you need, without having to change your Will. A Statement of Wishes can help guide and assist your executors when the time comes to administer your estate and can be very beneficial. It may further explain issues that are not be addressed in your Will, including: Guiding principles: communicating principles to assist the executor in their decision making Reasons for decisions: why you have decided to leave your assets in your Will in a certain way (including why a beneficiary may be left out) Minor children: how you would like your children’s inheritance is to be managed and applied during their childhood. Care of young children: instructions to your guardians about caring for children while they are under the age of 18, such as education, religion, values. Sentimental / personal items: instructions on the distribution of your jewellery, family heirlooms and other personal effects Disposal of body: particular requests in relation to your funeral or burial arrangements A Statement of Wishes can also be very beneficial to provide directions about assets that you control during your lifetime, but do not automatically form part of your estate (non-estate assets).  These may include family trusts, private companies and self-managed superannuation.  Control of assets may be entrusted to your executor to control after your death, and your wishes can be used to guide their decision making. For example: your intentions for family trust distributions of income / capital (e.g. all children are to receive an equal distribution, or not), investment strategy and certain assets are to be dealt with in a specified way. you can provide key contact information required for a trading company, which can be very useful to ensure smooth continuation of business operations key to your business retaining value. The Statement of Wishes is not legally binding but can provide useful guidance to your executor or trustee in the exercise of power. It is provided on a confidential basis and does not need to be shared with beneficiaries unless you agree for it to be so. The information that you include in your Statement of Wishes can be as limited or as broad as you wish. Having an experienced lawyer assist in preparing the Statement of Wishes is essential to ensure it is clear and concise, and to ensure it does not conflict with your Will.

Electronic execution of company documents

This article was supplied courtesy of Kells Your Lawyers https://www.kells.com.au/insights/business/back-to-the-future-electronic-execution-of-company-documents-possible-again/ Introduction On 10 August 2021, the Federal Government passed the Treasury Laws Amendment (2021 Measures No.1) Bill 2021 (the Bill), enabling the electronic execution and split execution of company documents under section 127 of the Corporations Act 2001 (Cth) (the Corporations Act). The Bill also permits the remote witnessing of the fixing of a company seal for the purposes of execution under section 127 of the Corporations Act. The new rules came into effect on 13 August 2021 and will only apply temporarily, until they automatically expire on 1 April 2022. The Amendments The Bill makes several key amendments to Corporations Act. Execution of company documents under section 127(1) of the Corporations Act may now be achieved electronically and will be taken to have been validly executed if: a method is used to identify the person and indicate their intention to sign a copy of counterpart of the document; the copy or counterpart of the document includes the entire contents of that document; and the method used was either as reliable as appropriate for the purpose for which the document was generated or communicated or proven in fact to have indicated the person’s identity and intention to sign. Execution of company documents under section 127(2) of the Corporations Act may now be achieved electronically, by: using electronic means such as audio visual technology to observe the person fixing the seal to the document; signing the document or a copy of the document (either physically or electronically); and stating in the document that they have observed the fixing of the seal by using electronic means. Split execution of company documents under section 127(1) is now also permitted with such documents taken to have been validly executed if the person signs a copy or counterpart of the document that is in a physical form and the copy or counterpart includes the entire contents of the document. However, these amendments do not change the practical requirement for companies to retain a copy of executed documents (this is especially the case where split execution takes place, where a copy of each executed document should be retained). Outlook The new rules will undoubtedly be a welcomed development for businesses on national scale, but particularly for these operating in New South Wales, who are currently one week into a state-wide lockdown to slow to the spread of COVID-19. If you have any questions or would like to discuss how the new rules for execution can be utilised by your business, contact our commercial law team who would be pleased to assist.  

Services Australia – Pandemic Leave Disaster Payment

If you need to isolate, quarantine or care for someone with COVID-19 you  may be able to access financial support from Services Australia. Eligibility Criteria You may be found eligible if a health official has instructed you to self isolate or quarantine due to the following: You have Coronavirus (COVID-19) are a close contact of a person who has COVID-19 You are caring for a child 16yrs or younger who has COVID-19 You are caring for a child, 16yrs or younger, who is a close contact of a person with COVID-19 If you are a carer for someone who has COVID-19 you may also be eligible if you meet all of the following criteria: You are aged 17 or older You are an Australian Resident or hold a Visa that gives you the right to work in Australia You are unable to go to your place of employment and earn an income You have no other leave entitlements available including, pandemic sick leave, personal leave or carers leave. If you already receive an income support payment from Services Australia or are receiving income from paid work you will not be eligible for the Pandemic Leave Disaster Payment. How to Apply To make a claim call Services Australia on 180 22 66 or complete the Claim for Pandemic Leave Disaster Payment – New South Wales and fax to 1300 727 760.  A new claim must be made for every 14 day period you are required to quarantine or self isolate for. For further information regarding eligibility and how to make your claim see the Services Australia Website.

Free Business Support Programs on offer from Wollongong City Council Application date extended

Wollongong City Council has partnered with Investible to empower local businesses by providing the education, support and tools they need to grow their business into the future.  Council is pleased to announce the launch of 2 FREE programs, commencing this Spring. What is on offer? Primed to Thrive Program The focus will be upon Retail & Hospitality sectors who have been heavily impacted by COVID 19.  The program is designed to empower small business owners by providing them with tools, frameworks & strategies needed to remain competitive within today’s digital landscape. Duration: 10 weeks online. Thrive Program 20 Wollongong businesses, with demonstrated growth potential, will be provided with a 10 week virtual program.  Participants will be supported to future-proof their business and explore new possibilities for innovation & expansion. Duration: 10 week virtual programs   REGISTRATIONS CLOSE TODAY For further information please visit https://investible.com/wollongong/

Do your Employees need to register their travel for work?

Your employees will need to register for travel if they: Are an authorised from a LGA of concern and need to leave the area for work; Are a worker entering a LGA of concern for work; Need to travel 50Kms outside of Greater Sydney (this no longer includes Shellharbour and the Central Coast) How to Register for Travel Your employee will need a MyServiceNSW Account and provide their: Contact details Travel details and dates Dependents name and phone number, if applicable. When the application has been completed your employees will receive their travel registration via email. You must have you travel registration, proof of address and supporting documents on your person at all times.  If you are approached by NSW Police you will be required to provide these documents. For further information or to register for travel go to the ServiceNSW webpage  

Award Rate Increase 1st July 2021 – Pay Calculator

There was an Award Rate increase to most awards on the 1st of July 2021.  The Fairwork Ombudsman has provided a calculator you can use to check that you are paying your employees the correct base rate and employee entitlements. .https://calculate.fairwork.gov.au/FindYourAward Minimum Wage Increase The minimum wage has also increased to $20.33 per hour or $772.60 gross per week.  This increase applies to employees not covered by an award or registered agreement. The Fairwork Ombudsman has useful resources and tools available to ensure you are paying your employees correctly. How will the wage increase affect your business? If you aren’t sure on how the wage increase will affect your business call the team at Journey2 today! 02 4228 4877

Tax Debt information can now be reported to Credit Reporting Bureaus

Historically, if you owed money to the ATO this would not appear on any credit checks for finance.  The Australian Government has given the ATO permission to disclose tax debt information to registered Credit Reporting Bureaus (CRB’s). Permission to disclose information to Credit Reporting Bureaus will only be given if the business meets the following criteria: The business has an ABN; and The business has a tax debt which is overdue by at least $10,000 at 90 days; The business is not making efforts to manage the tax debt (There is no payment plan in place). If your business meets this criteria you will be notified in writing and advised to respond within 21 days before the tax debt information is reported to CRB’s. What action you should take If you are in contact with the ATO with regards to your tax debt and, are either entering a payment plan or disputing a tax liability, your tax debt information may not be reported to CRB’s. If the business has an ATO tax debt you should contact the ATO and organise a payment plan.  Alternatively, if paying your tax liabilities are an ongoing issue contact your accountant to do a review on your business. The Journey2 team are here to help! Call Today! 02 4228 4877    

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