Single Touch Payroll
For ongoing reporting and payments, this means:
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There will be no need to complete W1 and W2 (Wages & PAYGW) figures on ATO activity statements.
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If your business is currently not reporting GST and you are lodging electronically (ie. Installment Activity Statements), you will lose your current 2-week extension period.
Superannuation Changes
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Insurance policy cancelled for inactive accounts: if your superannuation account has not had any contributions either by you or your employer for a continuous period of 16 months, regardless of the balance, then your default TPD and income protection insurance will be cancelled. Simply, you will not be covered if the unthinkable happens.
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Inactive super accounts with low balances will be closed: if you have stopped work temporarily, taken maternity leave or even started your own business, you probably aren’t receiving any payments into your super account and you could be at risk of not having any cover or having your account closed and transferred to government operated super fund MyGov.
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Cap on fees for accounts with low balances: a positive change in that if your account has a balance of $6000 or less, fees will be capped at 3% per annum, ensuring the funds aren’t eaten away by fees and charges.
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No exit fees: if you wish to change funds you will no longer be slugged with penalty charges as exit fees will be banned across the board.