Xero’s STP Phase 2 roll out
Everything to know (and do) for the final stage of Xero’s STP Phase 2 rollout By now, most business owners are probably familiar with Xero’s approach to getting payroll data ready for Single Touch Payroll Phase 2. This will see businesses build on their existing STP reporting to share more information with the ATO and other […]
Christmas Parties and Gifts 2022
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 FBT and ‘entertainment’ Under the FBT Act, […]
It’s time to transition to STP Phase 2
Over recent months, Xero has been keeping us updated on Xero’s Single Touch Payroll (STP) Phase 2 rollout. This will see businesses build on their existing STP reporting to share more information with the ATO and other government agencies whenever you process a pay run. Xero has now announced that all three stages of the rollout are […]
Valuing fund assets for an SMSF’s annual return
One of many responsibilities trustees have when managing an SMSF is valuing the fund’s assets at market value. This must be done every income year, so the ATO knows the SMSF has complied with super laws. The market value of an asset is the amount someone could be reasonably expected to pay if the asset […]
Talking tax with new workers
Completing a tax file number declaration The ATO is reminding employers that have taken on new employees that those employees can complete a TFN declaration through ATO online services, and that this is an easy way for them to provide both their employer and the ATO with the information needed. If a new employee has […]
Director ID deadline approaching
Time is running out to apply for your director ID The Government has launched an awareness campaign to help company directors get their director identification number (‘director ID’) as the 30 November deadline approaches. A director ID is a unique 15-digit identifier that a company director will apply for once and keep forever. Director IDs […]
2022/23 October Federal Budget
Federal Budget overview On 25 October 2022, Treasurer Jim Chalmers handed down an updated 2022/23 Federal Budget, the first for the Albanese Labor Government. Key measures Certainty for unlegislated taxation and superannuation measures Digital Currency – Clarifying that digital currencies are not taxed as foreign currency Depreciation – Reverse the self-assessment of the effective life […]
SG contribution due for September 2022 quarter
Super guarantee contribution due date for September 2022 quarter The due date for employers to make super guarantee contributions for their employees for the September 2022 quarter is 28 October 2022. Varying PAYG instalments The ATO is reminding taxpayers that they can vary their pay-as-you-go (‘PAYG’) instalments if they think the amount they pay now […]
ATO targeting SMSFs
ATO targeting SMSFs that fail to lodge annual returns The ATO has observed an increase in the number of SMSFs that fail to lodge their first annual return and become what the ATO refers to as ‘NEVER’ lodgers. The ATO is particularly concerned where there has been a roll-over into these SMSFs, as this is […]
Penalties for overdue TPAR
The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR. Affected industries where taxpayers may have an obligation to lodge a TPAR are: Cleaning services Building and construction services Road […]
