Non-compliant payments to workers
The rules for claiming deductions for payments to workers are changing From 1 July 2019, businesses can only claim deductions for certain payments made to workers where they’ve met the Pay As You Go (‘PAYG’) withholding obligation for that payment. Specifically, a business can only claim a deduction for the following payments if it complies […]
Transition to Single Touch Payroll for small employers
Statement from Tax Commissioner Chris Jordan about transition to Single Touch Payroll for small employers Parliament has now passed legislation to extend Single Touch Payroll (STP) reporting to include all small employers (those with fewer than 20 employees) from 1 July 2019. STP is pay day reporting by employers to the ATO as it happens, this reporting […]
Summary of single touch payroll
What is single touch payroll and how will it affect your business? Single touch payroll is a new regulation that changes when and how small businesses report payroll activity to the Australian Tax Office (ATO). Businesses used to report this information to the ATO once a year. Now, they need to send a report after […]
Electronic sales suppression tools
Ban on electronic sales suppression tools From 4 October 2018, the Government has banned activities involving electronic sales suppression tools (ESST) that relate to people or businesses that have Australian tax obligations. The production, supply, possession or use of an ESST (or knowingly assisting others to do so) may attract criminal and administrative penalties. ESSTs […]
Single Touch Payroll
Proposed expansion of STP to smaller employers Single Touch Payroll (‘STP’) commenced on 1 July 2018 for approximately 73,000 employers who have 20 or more employees. There is currently legislation before Parliament to expand STP to all employers from 1 July 2019 and it is estimated that there will be more than 700,000 employers who […]
Small Business Superannuation Clearing House
Ensure correct SBSCH information When employers use the Small Business Superannuation Clearing House (SBSCH), it is important to enter the correct information. Providing the correct information reduces the possibility that a super fund will reject the payment. When super funds return payments to the ATO due to incorrect details they must manually intervene and contact the employer […]
Single Touch Payroll Update
Single Touch Payroll (STP) officially commenced for larger employers on 1 July 2018 The ATO has provided some further guidance for affected entities. The ATO is writing to employers who started reporting through STP before 1 July 2018, providing them with information about how their employees’ payment summary for 2017/18 may change with STP, including […]
Personal Income Tax Cuts
Personal Income Tax Cuts passed! Parliament has passed the Government’s Personal Income Tax plan, meaning that the first stage of the proposed income tax cuts will start to take effect from 1 July 2018. According to the Prime Minister, taxes “will now be lower, fairer and simpler”. The Government’s plan has three steps: The Government […]
Is business insurance worthwhile?
If you’re like many small business owners, your business may not be adequately insured in the case of a fire, flood, natural disaster, theft, or personal injury. Often home-based business owners assume they are covered under their homeowner’s policy. Other entrepreneurs, working long hours and pulled in too many directions, may never get around to […]
