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 »

SEPTEMEBER 2018 21 SEPTEMBER – August monthly Activity Statements – due for lodgement and payment 30 SEPTEMBER – Annual TFN Withholding Report for closely-held Trusts where a Trustee has been required to withhold amounts from payments to beneficiaries during 2017/2018 – due date for lodgement and payment OCTOBER 2018 21 OCTOBER – September monthly Activity Statements – due for lodgement… 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 »

Many lodgement and payment deadlines are looming for business including those relating to Activity Statements, Superannuation and more….. JULY 2018 01 July First day of the 2018 /2019 Financial Year 14 July 2017/2018 Payment Summaries – due date to issue to employees 21 July Monthly Activity Statements (June 2018) due for lodgement and payment 28 July Quarterly Activity Statements (April-June)… 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 »

In TD 2017/19, the ATO has set what is considers ‘reasonable’ limits for allowances paid in connection with overnight travel (see the tables at the end of this spcial edition). In such cases, the employee must sleep away from their home. The amount of the allowance depends on both your destination and your annual salary.… Read more »