For your reference we provide the following summary of current federal and state government stimulus measures as well as a summary of actions being taken by the ATO to support businesses.
Most workers understand that their employer must make compulsory super guarantee (SG) contributions. However, employees who sacrifice some of their salary for additional super may end up receiving less than they expected due to two legal loopholes. We are bringing these loopholes to light for you.
If tax and superannuation conversations are not happening at home, and it is only vaguely covered at school, how can we throw school leavers into the workforce and expect them to know how to complete their tax return?
There is an old saying that ‘if it looks like a duck, swims like a duck and quacks like a duck, then it probably is a duck’. The same concept should be applied when assessing the merits of a scheme or transaction where the objective is to avoid tax.
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