Employee super guarantee contributions due
The ATO has reminded employers that employee super guarantee (SG) contributions for the quarter ending 31 December were due by 28 January. It also emphasised that if they didn’t pay the correct amount of SG on time, they will need to pay the SG charge (SGC) and also (a) lodge an SGC statement to the ATO by 28 February to disclose all missed or late super contributions even if they can’t pay by the due date, and (b) pay the SGC to ATO, or contact the ATO to set up a payment arrangement. Finally, the ATO warned that employers don’t lodge their SGC statement by the due date, they can face an additional penalty of up to 200% of the SGC.

ATO: Businesses impacted by floods
The ATO has advised that small businesses or individuals in an Australian Government Disaster Recovery Payment declared local government area, don’t need to request a deferral for certain obligations. In addition, they won’t be penalised if they lodge by the later date but remember to pay by the original due date. If they can’t pay by the due date, they can contact the ATO to discuss payment options and request a remission of the general interest charge.

Exploration cap increased for junior explorer tax credits
The Income Tax Assessment Amendment (Junior Minerals Exploration Incentive) Regulations 2023 instrument has been made. It prescribes the amount of tax credits that were allocated to junior explorers in income year 2021-22, but are unused and can be made available for allocation in the income year 2023-24. A further $2,150,000 has been allocated to the annual exploration cap for the 2023-24 income year.

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