Sky Accountants Update – January 2022

BALLARAT, Australia - Feb. 1, 2022 - PRLog -- Tax deductions for personal superannuation contributions

In order to claim a deduction for personal superannuation contributions, a notice of intent to claim (https://www.ato.gov.au/forms/notice-of-intent-to-claim-or-vary-a-deduction-for-personal-super-contributions/) form must be submitted to your superannuation fund and you must receive acknowledgement of receipt of that notice from the fund.

This process must be completed by the earliest of:

• The date the income tax return containing the deduction is lodged; and
• The end of the financial year following the year in which the contributions were made.

For example, if you made contributions in the 2021 financial year, and lodge your tax return prior to 30 June 2022, you must have submitted the notice of intent and have received acknowledgment before you lodge your income tax return.

If you lodge your tax return after 30 June 2022, you must have submitted the notice of intent and have received acknowledgment by 30 June 2022.

A recent case (http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/AA...) in the Administrative Appeals Tribunal has highlighted the importance of meeting these dates and has made clear that neither the ATO nor the courts have any discretion whatsoever to provide an extension of time.

If you are wanting to claim a deduction for personal superannuation contributions, please get in touch for assistance to ensure that the correct process is followed.

Coronavirus related absences from work

With the easing of restrictions late last year and the Omicron variant now running rampant, workplaces are grappling with the issues that arise when a team member catches Coronavirus or is a close contact of someone who has.

The Fair Work Ombudsman have recently updated their guidance (https://coronavirus.fairwork.gov.au/coronavirus-and-austr...) to assist employers and employees in understanding how leave entitlements are required to be used.

This guidance covers situations such as:

• Stand downs;
• Quarantine and self-isolation;
• Getting a COVID-19 test and awaiting results;
• Employer directions for an employee not to attend work; and
• Absences as a result of contracting Coronavirus or caring for a family/household member.

We encourage all employers to make sure that they are across these rules and to get in touch if they have any questions.

Additionally, with many employees taking holidays at this time of year, it is worth noting that where an employee is sick or injured whilst on leave, they may be able to use their personal/carer's leave entitlement instead of using their annual leave.

Lastly, employers must remember that they have an obligation to maintain a safe working environment for their employees.  Safe Work Australia (https://covid19.swa.gov.au/covid-19-information-workplaces) have a wealth of information on how to maintain COVID-19 safe workplaces.

Employers can also refer to the worker's compensation authority in the state(s) in which they operate or to their worker's compensation insurers for additional information.

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