Early superannuation withdrawals

Early withdrawals of superannuation funds have been fairly uncommon in the past, but with many anxious about the security of their jobs and income, the Australian Taxation Office has seen an increase like never before.

Currently under review by the ATO are approximately 1,900 applications for early Super access, of which around 1,700 are flawed. Many conditions have applied in the several phases of applications, with the ATO receiving heavy criticisms around encouraging people to access their funds based on self-assessment rather than comprehensive income checks.

 

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Trusted advisors

COVID-19 has seen all of us confronted by an ever-changing nation, with restrictions and government support looking different from one day to the next. Bookkeepers and accountants have also found their roles and relationships with their clients are looking very different than before.

All around the world bookkeepers and accountants have taken on the role of ‘trusted advisor’ to their clients. Our services have been required more than ever before, with employers less sure of rules, regulations, and government incentives and grants.

Over in the US, bookkeepers and accountants have seen themselves giving more advice, whether moral or monetary, as well as a demand from clients for greater automation technology for their payroll system.

For advice, get in touch

Jobmaker

We’ve all heard a lot about Jobkeeper and the increased funding to Jobseeker, both government responses to the job losses resulting from the pandemic. However, less has been discussed about Jobmaker.

Jobmaker was created as an incentive for employers to create new roles, with government contributions to these employees’ pays, keeping more Australians working as a result.

While there are conditions to the scheme, it’s worth finding out if Jobmaker can benefit your business.

Read more, or get in touch with us to see if Jobmaker could benefit you.