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22.01.2022 Have you ever missed the super due date and don’t know what to do? Don’t worry, you are not the only one. Each year about 33,000 cases of late super were reported and it is estimated the historical unpaid super in Australia since the inception is $2.6 billion! The superannuation guarantee (SG) is a mandatory employer contribution at 9.50% on the employees’ before-tax wages. The SG is payable on quarterly basis and it is due 28 days after the end of each quarter. If yo...u haven't paid the required amount before the due date, you cannot pay directly to the employees’ superfund. Instead, you have to lodge a Superannuation Guarantee Charge statement and pay the superannuation guarantee charge (SGC) to ATO. The ATO will then remit the super amount to corresponding employees’ super funds. The SGC is compose of: The unpaid SG Interest on the unpaid SG (10% p.a.) Administration fee $20 per employee, per quarter The Superannuation Guarantee Statement can be generated through ATO website (see https://www.ato.gov.au/calculators-and-tools/Host/ ). Once you have signed and lodged to the ATO by either mail or document upload on ATO Business Portal. The ATO will issue a SGC assessment notice to you with payment instruction. More importantly, late super payment and SGC is not tax deductible and hence you should pay the super on time. Do you have a long history of outstanding super payment? We have a good news for you! The ATO will soon introduce a new SG amnesty which provides the last chance for business owner to voluntary disclose their historical unpaid super covering from 1 July 1992 to 31 March 2018 without paying penalties and interest. This amnesty offer will cease 6 months after the date of enforcement.

20.01.2022 Good News! Regional employers in the bushfire-affected areas (the state of disaster areas) in Victoria will be eligible for payroll tax relief, which means that regional employers in the areas only pay 25 per cent of the metropolitan rate. The local government areas include: East Gippsland Shire... Mansfield Shire Wellington Shire Wangaratta Rural Shire Towong Shire Alpine Shire together with The Mount Buller, Mount Hotham, Falls Creek and Mount Stirling Alpine Resorts are included in the State of Disaster area. https://www.premier.vic.gov.au/more-tax-relief-for-fire-a/

16.01.2022 Our hearts and best wishes are with our beautiful country - Australia as it continues to fight these devastating bushfires. Thanks to all the heroes who are saving us from the bushfire crisis. We pray for relief for our community members, the natural habitats and precious animals that live there.... Stay Safe. Revis Advisory Team Artwork by Jun x Revis

14.01.2022 As a business owner, Do you have any of the questions below? We will answer the most popular question in detail on our page.

02.01.2022 WORK-RELATED DEDUCTIONS When completing your tax return, do you ever feel that you could have claimed more work-related deductions to reduce your taxable income but not sure what you are entitled to claim for less tax? After reading this post, we hope that our explanation can clear up your confusion and make your tax return easier. Generally speaking, the criteria for you to claim a deduction for work-related expenses are:... - You must have spent the money yourself and the money were not reimbursed to you from your employer. - It must directly relate to earning your income. If the expense was for both work and private purposes, you only claim a deduction for the work-related part. - You must keep a record of your work-related expenses such as original receipts, invoices to prove your deductions as ATO may request them. - You can only claim the deductions in the financial year it incurred. - You must have spent the money during your employment. Any expenses incurred prior to the commencement or after the end of your employment are not deductible. When all of the above criteria are met, you may be able to claim deductions for your work-related expenses including: