Last week (05/03/19), the Reserve Bank of Australia decided not to change the official cash rate of 1.5%. Two days later the December quarter economic growth figures showed that the economy had slowed considerably – growing by just 0.2% from October to December, and 2.3% over the previous 12 months. This is considerably less than… Read more »

The first sitting of Parliament for 2019 wrapped up last week. While legislation to extend the Single Touch Payroll reporting regime to all employers passed into law (just awaiting Royal Assent), there are a couple of other measures that remain unlegislated which could impact your business. With the full Parliament only expected to sit for… Read more »

Many lodgement and payment dealines are looming for business including those relating to Activity Statements, Superannuation, and more….  MARCH 2019 21 March – February monthly Activity Statements – due for lodgement and paymentAPRIL 2019 21 April – March monthly Activity Statements – due for lodgement and payment 21 April – Quarter 3 (January-March) PAYG instalment Activity Statements for head companies… Read more »

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 19 or less 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 »