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 »

NOVEMBER 2018 11 NOVEMBER – July-September quarterly Activity Statements – due for lodgement and payment. (if lodging electronically)21 NOVEMBER – October monthly Activity Statements – due for lodgement and payment. 28 NOVEMBER – Superannuation Guarantee Charge (SGC) Statement – due for lodgement and payment if insufficient contributions or late contributions were made for the July-September quarter.DECEMBER 2018 01… 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 »

2017/2018 is the first year that individuals can reduce their tax liability for the year by making a pre-1 July personal superannuation contribution.  To recap, new laws were introduced effective 1 July 2017 allowing all individuals up to age 75 to claim an income tax deduction for personal, after-tax superannuation contributions (pre-tax contributions, also known as… Read more »

Contrbuting to superannuation is still as popular as ever. Personal (voluntary) contributions in the December 2016 quarter (the latest available statistics) were $4,616 billion, up from $4,437 billion in the same quarter a year earlier. Superannuation assets in aggregate were $2,199 billion at the end of the December 2016  quarter, up from the previous quarter… Read more »