One of the largest claims made by business and by employees for that matter is the use of a vehicle for business or work related purposes.  Much of the claim relates to depreciation on the cost of the vehicle.  As technology continues to advance and with data sharing amongst authorities becoming more prevalent, the ATO… Read more »

On the 9th August, the ATO announced it will contact, at the end of August, about 17,700 self-managed super fund (SMSF) trustees and their auditors where their records indicate the SMSF may be holding 90% or more of its funds in one asset or a single asset class.  They are concerned some trustees haven’t given due… Read more »

Taxable Payments Annual Reports (TPAR) are due by 28 August this year, with businesses that provide cleaning or courier services set to lodge for the first time, joining businesses in the building and construction industry who have been doing so since 2012. Cleaning services Businesses providing cleaning services must report the total payments made to contractors providing cleaning… Read more »

From an income tax standpoint, it’s in your interests to keep good records of your transactions and activities. Keeping good records is not only required by law, but it makes your accountant’s job easier – this can result in both decreased fees (an accountant will take less time in preparing returns etc.) and increased deductions… Read more »

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 »

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 SEPTEMBER 2019 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… 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 »