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November 2023 Newsletter

Please click on the following link to view this month's newsletter for November 2023. We would like to highlight the following articles:-

Proposed mechanisms for payday super

The government is seeking to legislate its payday super measure that was first outlined in the 2023–2024 Federal Budget.​ A consultation paper has been released, proposing two models for implementing the payday super measure. The employer payment model and the due date model.

Under the employer payment model, employers would be obligated to make the payment of the SG contributions on payday, and where a payment is not made, the employer would become liable to pay the SG charge from that date. The due date model would possibly retain the existing SG charge structure, triggering an employer liability if contributions are not received by a specified due date.​​

The key focus is on reducing structural drivers of unpaid super guarantee (SG) through increased payment frequency and enhanced data matching capabilities. 


Under both models, the SG charge, which is currently designed for quarterly payments, will need to be updated to align with a more frequent payment schedule. Essentially, the SG charge is a non tax deductible penalty that applies if an employer does not pay an employee’s SG amount in full, on time and to the right fund.​ The SG charge includes the SG shortfall, interest and an administration fee.

Sharing economy reporting regime for platform operators

A new Sharing Economy Reporting Regime (SERR), is now in effect for the 2023–2024 income year. This regulation mandates the reporting requirements for transactions that are related to supplying taxi travel/ride sourcing and short-term accommodation. 

The SERR places reporting obligations on electronic distribution platform (EDP) operators. Currently, reporting is mandatory for transactions involving supplying taxi travel/ride sourcing and short-term accommodation. However, starting 1 July 2024, the SERR will expand to cover all reportable transactions of EDP operators, encompassing activities like hiring assets, food delivery, and professional task performance.​

The ATO will utilise the data acquired through this regime for data matching and compliance projects. So please let us know if you derive any income from an EDP when it comes time to prepare your tax return. ​

​Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.

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