The Federal Government’s Personal Income Tax Plan is now officially law. For 2018/2019 (the financial year just gone) the centrepiece of this plan was an increase to the low and middle income tax offset (LMITO) from a maximum $530 to $1,060. Taxpayers with a taxable income:    *   of $37,000 or below can now receive a LMITO… Read more »

If as an employer you are not ready for Single Touch Payroll (STP) don’t panic!   Although 1 July has rolled around, smaller employers (those with less than 19 employees) have three months from this date (until 1 October 2019) to be STP-compliant. Furthermore, no penalties will be imposed during the initial 12 months of STP,… Read more »

Is now in your members area, log in to check it out!  Just some of the Articles to read –   Are You Carrying on a Business? The ATO recently finalised its position on when a company will be deemed to be carrying on a business. Taxable Payments Reporting has recently been expanded to several more industries. New Tax Whistle-Blower… Read more »

1 July Employers with less than 20 employees should start transition to Single Touch Payroll (STP) Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO. If you are using a solution that offers STP reporting, such as payroll or accounting software, you will send your employees’ tax… Read more »

Many lodgement and payment deadlines are looming for business including those relating to Activity Statements, superannuation, and more JULY 2019 1 July – First day of the 2019/2020 financial year 1 July – Employers with less than 20 employees should start transitioning to Single Touch Payroll (STP) 14 July – 2018/2019 Payment Summaries – due… Read more »

Get set for a 3.0% wage increase – 2019 Annual Wage ReviewThe Fair Work Commission has announced a 3.0% increase to minimum wages.The new national minimum wage will be $740.80 per week or $19.49 per hour.The increase applies from the first full pay period starting on or after 1 July 2019.Link to the Commissions’ Annual… Read more »

FBT Issues on ATO Radar With the date for lodging and paying FBT approaching (21 May), on Wednesday 1st May, the ATO reminded employers that the following mistakes attract the ATO’s attention: *         failing to report car fringe benefits, incorrectly applying exemptions for vehicles or incorrectly claiming reductions for these benefits   *   mismatches between… Read more »

New legislation could see businesses lose tax deductions for payments to employees and contractors. This article details this new law, and provides a checklist of how to be compliant… BASICS In March, legislation was passed which will deny an income tax deduction for certain payments if the associated withholding obligations are not complied with by… Read more »

The Government’s proposed Superannuation Guarantee (SG) Amnesty will not proceed. To recap, the SG amnesty was to be available for the 12-month period from 24 May 2018 to 23 May 2019. To get the benefits of the Amnesty (set out below) employers must have during this 12-month period voluntarily disclosed any SG underpayments that existed… Read more »