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.
The Fuel Tax Credit rates have increase from 1 February 2017. Visit the ATO Website for information, or for further assistance relating to these changes, please contact our office.
Tax File Number Declarations forms can now be downloaded from the ATO Website. Visits http://www.ato.gov.au/TFNdec for more details and to download the form.
SuperStream is the new way employers must pay their Superannuation obligations, whereby super is paid and submission of employee information is completed electronically in a standard format. In June 2016 the ATO announced it would provide compliance flexibility to small businesses that were not yet SuperStream ready until 28 October 2016. If you are not […]
In the May 2016 Budget the government announced changes to individual tax rates for the 2016-17 income year. Legislation dealing with these announced rates were introduced to Parliament on 31 August 2016. As a result a number of tax tables have been updated to apply from 1 October 2016. Those tax tables that have not […]
Do you operate your business as a primary producer? Then these changes may apply to you! From 1 July 2016, the following changes became effective to Farm Management Deposits (FMD’s): Total deposit limits for individuals holding an FMD is now $800,000 As a primary producer, up to 30 June 2016 the balance of your FMD’s […]
This year’s Federal Budget includes the most significant changes to Australia’s superannuation system since 2007. Key Budget announcements include: reduced caps on concessional and non-concessional super contributions tax offsets for low income earners and those with low super balances reduced tax concessions on super contributions for high income earners limit on pension balances of $1.6 […]