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October Update

In our October business update, we cover off on the following important topics:

Beyond Blue – Small Business Coaching Program

The Covid-19 pandemic and related restrictions has impacted everyone in one way or another.  Our Director of Wealth Advisory, Mark La Bozzetta, recently wrote a great article about ‘languishing’.  Managing a small business comes with its own unique pressures and stresses.  Whatever your experiences of the pandemic, we encourage you to reach out when you need it.  We are always here for our clients, ready to support you in the ways that we can.

In addition to this, as members of Chartered Accountants Australia and New Zealand, we have been made aware of the NewAccess program for small business owners developed by Beyond Blue.

This program is a free and confidential coaching program that offers six sessions with coaches that have a background in small business. These sessions are designed support small business owners and provide them with practical skills to help manage the stress they might be feeling.

You can find more information on their website:

https://www.beyondblue.org.au/get-support/newaccess/newaccess-for-small-business-owners

Employer Obligations – Changes to Super Choice Arrangements

Employers will be familiar with the existing super choice obligations when an employee commences work with you.  From 1 November 2021 there are some important changes to these obligations.  For any new employees commencing from that date, there is an extra step that employers will need to undertake in the super choice process.

Essentially, if an employee doesn’t make a choice of fund, the employer must ascertain if they have a ‘stapled super fund’ prior to making contributions to a ‘default fund’ on behalf of the employee.  A ‘stapled super fund’ is a super account that the employee has in their name, one which they may have forgotten exists.  The aim of the new rules is to reduce any fees the employee might incur by opening a new super account every time they begin a new job.

Once an employee commences employment, the employer must follow these steps:

  • The employer must offer the eligible employees a choice of super fund
  • If the employee does not choose a super fund, the employer must then request the stapled super fund details via the ATO’s Online Services or via a tax agent.
    • If the ATO advises that the employee has a stapled super fund, the employer must pay the super into that account.
    • If the employee does not have a stapled super fund, the employer may pay into their default fund

For more information in relation to this, please refer to this link: https://www.ato.gov.au/Business/Super-for-employers/Setting-up-super-for-your-business/Offer-employees-a-choice-of-super-fund/Request-stapled-super-fund-details-for-employees/

October update in relation to Covid-19 Government Support Packages

We have prepared a summarised infographic to outline the current support packages available in Victoria and NSW for businesses and not-for-profits. While you will need to review the detailed criteria to determine eligibility, we hope this will be a helpful resource in understanding what packages are available.

(download the pdf here)