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Single Touch Payroll For Small Business

Single Touch Payroll (STP) is a new initiative by the ATO to improve the way small business report their payroll and superannuation contribution information. So, if you’re not already using an online accounting system or payroll service provide, now is the time to consider your options.   Read more:  Single Touch Payroll For Small Business

Division 293 Assessments

The ATO has been using “Additional tax on concessional contributions (Division 293) assessments; with respect to liabilities relating to the 2018 income year. Division 293 imposes an additional 1% tax on certain concessional (ie. taxable) superannuation contributions. This means that impacted individuals may ultimately pay 30% tax (when the Division 293 tax is combined with […]

Christmas Parties & Gifts 2018

Year-end (and other) staff parties Editor: With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ )including Christmas parties_ to staff and clients. […]

Fast-tracking tax cuts for small and medium businesses

The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward 5 years. Companies with an aggregated turnover of less than 50million will have a tax rate of 25% in the 2022 income year ( instead of the 2027 income year based on the previously legislated timeline. Similarly, […]

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