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 […]
Many of our business clients like to renew their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for small businesses is based around two simple concepts-ie. accelerating business deductions and deferring income. However, Small Business Entities […]
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. Common claims made by individuals The following outlines common types of deductible expenses claimed by individual taxpayers, such as employees and rental property owners, plus […]
