From 1 July 2021, there have been several minor changes to tax rules and rates. Our previous newsletter covered the 0.5% increase in Super Guarantee, but here are some others to be aware of.
1. Single Touch Payroll is now mandatory for everyone with very few exceptions. That means you must be using software connected to the ATO for payroll.
2. The small business tax rate has dropped again from 26% to 25%. This completes the ATO’s planned move over the past couple years from 30% to 25%.
3. The turnover threshold cap for most small business concessions (e.g. instant depreciation and exempt fringe benefits for electronic devices and parking) has increased from $10,000,000 all the way up to $50,000,000.
4. Annual concessional super contributions are now allowed up to $27,500 from $25,000
5. Special support for small beers-iness: Small breweries will no longer have to pay excise tax up to around 160,000 litres of beer. Pass on the savings!