2018/19 Individual Tax Return Checklist A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. The tax rates for resident (adult) individual taxpayers for the 2018/19 income year are as follows: Taxable Income threshold Tax […]
‘Cash in hand’ payments to workers no longer tax deductible The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (‘PAYG’) withholding obligations. Payments […]
Single Touch Payroll Update Employers with 19 or fewer employees are required to start reporting through Single Touch Payroll (‘STP’) from 1 July 2019. The ATO will be working with employers to support them as they transition to STP, including allowing small employers to start reporting any time from 1 July to 30 September (and […]
Federal Election Called! Federal Election has been called for Saturday 18 May 2019, and the Governor-General has ‘prorouged’ the Parliament from 11 April, until May 2019, and dissolved the House of Representatives. The election will also be for half the Senate. As a result, all outstanding Bills have also lapsed (so any measures not yet […]
