Superannuation is a concessionally taxed environment as follows  * Superannuation earnings (such as interest, dividends, rent etc.) are taxed at 15% when your account is in accumulation mode (i.e. not in pension mode). These earnings are tax-free when your account is in pension mode. By contrast, investment earnings on assets (such as shares, property, term deposits… Read more »

Smaller employers (those with less than 20 employees) must commence reporting via Single Touch Payroll (STP) from 1 July 2019 after legislation passed Parliament this morning (12/02/2019).  The STP regime revolutionises the way employers report payroll information to the ATO. In essence, STP is a new reporting mechanism whereby employers report employee payments (such as salary… Read more »

Many lodgement and payment deadlines are looming for business including those relating to Activity Statements, Superannuation, and more…..January 201915 January – Due date for lodgement of income tax returns for companies and trust that were taxable medium to large businesses in the prior year and are not required to lodge earlier. If you fail to… Read more »

The Senate has now passed legislation to extend Single Touch Payroll (STP) to employers with 19 or less employees from 1 July 2019.These businesses can also of course opt in early to STP.The passage of legislation follows months of uncertainty for small business after STP was officially rolled out for employers with 20 or more… Read more »

The extension of the $20,000 instant asset Write-Off has now been passsed into law. PASSEDIn the May 2018 Federal Budget the Government announced an extension to the Small Business Instant Asset Write-Off that was originally introduced from 1 July 2015. Under the Budget announcement, the Write -Off was to be extended until 30 June 2019 (it… Read more »

Could you as an employer benefit from taking advantage of the Government’s new Superannuation Guarantee (SG) Amnesty? This article informs you of how you can wipe your SG slate clean, and enjoy some once-off taxation benefits in doing so.Subject to the passage of legislation (which is currently before the Senate), the Amnesty will be available… Read more »

With large swathes of Eastern Australia in the midst of one of the most severe droughts in years (indeed Autumn rainfall was the least since 1902). Be mindful that there are a number of assistance measures open to affected clients across a range of Government departments. On the ATO front, they can help by giving… Read more »

We have all heard about businesses varying their PAYG instalments on their Activity Statement if their business and investment income for the current year is expected to be less than anticitpated. However, the opportunity also exists for salary and wage earners to vary downwards the amount of PAYG tax deducted by their employer each pay… Read more »

STP if fnally here! From 1 July 2018, all employers with 20 or more employees (as at 1 April 2018), must report their payroll information to the ATO via Single Touch Payroll. STP is a reporting change for employers. Essentially, STP requires that each time an employer pays their employees, they will have to instantly report… Read more »