Single Touch Payroll is a government initiative to streamline business reporting obligations. Employers with 20 or more employees have already been required to comply with STP provisions. From 1 July 2019 it will be mandatory for all employers to report using Single Touch Payroll. Employers will need to report payments such as salaries and wages, […]
Being a small business can be difficult, but the Australian Taxation Office has provided several concessions which are available only to small businesses. A small business is any business with a turnover of less than $10m. Once you are classed as a small business you can access the following concessions; Immediate write-off of Assets costing […]
All businesses will need to ensure they have registered all trading names as a business name with ASIC by 31 October 2018 in order to continue operating with it. If you have any questions regarding your Business Names Registration or need to apply for one, please contact our office.
From 1 January 2018, a vacant residential land tax will apply to homes in inner and middle Melbourne that are vacant for more than six months in the preceding calendar year. This is a new tax, and is different to land tax, the absentee owner surcharge and the deferral annual vacancy charge. The VRLT is […]
In early 2018 the ATO Small Business Superannuation Clearing House (SBSCH) will be moving to online services. You will be able to access the SBSCH using the Tax Agent portals, BAS portals or mygov account. The ATO will email SBSCH authorised contacts about the transition in due course. If you have any questions regarding this […]
The Fuel Tax Credit rates have increase from 1 July 2017 and 1 August 2017. Visit the ATO Website for information, or for further assistance relating to these changes, please contact our office.
From 1st July 2017, GST reporting on Business Activity Statement will become easier with Simpler BAS. All small businesses with an annual GST turnover of less than $10 million will be automatically moved to Simpler BAS. If your annual GST turnover is $10 million or more, your reporting requirements will remain the same. If you qualify […]
The 2017-18 Federal Budget was handed down by the Treasurer on Tuesday 9 May 2017. Highlights include: Notwithstanding speculation to the contrary, the Temporary Budget Repair Levy (levied at two percent of taxable income in excess of $180,000) will cease on 30 June this year as planned. The $20,000 immediate write-off for small businesses is being extended […]
TFN Declarations can now be downloaded and printed from the ATO website. Alternatively, employees can download the form, fill it in on screen and print it off. Make sure you have taken a copy for your records. The Original copy needs to be sent the ATO address on the form within 14 day. For more information or to […]
The ATO have recently introduced changes that mean if you are planning to travel overseas or are already overseas you now have the same repayment obligations as those who live in Australia. Click here to find out more or contact our office today to discuss your obligations.