Car parking fringe benefits
Valuing car parking fringe benefits Where businesses provide car parking fringe benefits to their employees, the taxable value of these benefits must be calculated correctly to ensure they are meeting their fringe benefits tax (FBT) obligations, regardless of the method used. The ATO has advised they may directly contact businesses who have engaged an arm’s […]
New ‘gig’ economy reporting
Mid-Year Economic and Fiscal Outlook The MYEFO announced the Government’s intention to implement a new third party reporting regime for the sharing economy. Treasury released its Mid-Year Economic and Fiscal Outlook (‘MYEFO’) for 2019/20 forecasting a surplus of approximately $5 billion. The new reporting regime will apply to businesses who operate via online platforms within […]
Disclosure of business tax debts
Taxation Administration (Tax Debt Information Disclosure) Declaration 2019 Following the enactment of legislation in late 2019, the ATO can disclose certain business tax debt information to external credit reporting bureaus. This information will primarily be used when issuing external creditworthiness reports in relation to relevant businesses, effectively treating tax debts in a similar manner to […]
The ATO hits the road
Could you be a black economy target? The ATO plans to visit almost 10,000 businesses this financial year in all States and Territories, across a variety of industries, as part of their strategy to deal with the black economy (they visited nearly 9,000 businesses in the 2018/19 financial year). According to Assistant Commissioner Peter Holt, […]
Payroll update
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 […]
New GST withholding rules
Common errors with new GST withholding rules The ATO has noticed some common errors made in activity statements since the introduction of “GST at settlement” on 1 July 2018. These new laws require purchasers to withhold GST on settlement (and pay it to the ATO directly) generally when buying ‘new residential premises’ from developers. In […]
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 […]
Single Touch Payroll Update Mar-19
Understanding STP obligations Single Touch Payroll (‘STP’) is a Government initiative aimed at cutting red tape for employers and improving visibility of compliance with business obligations such as: salary and wages and similar payments; Pay As You Go (‘PAYG’) withholding; and certain superannuation related information; by requiring ‘real time’ reporting of payroll information directly to […]
Chief Financial Officer Program
Stressed by a lack of accurate financial information? Predicting the financial future of your business is not easy. Most businesses understand the need to price their products or services so they cover costs and make a profit. Understanding your business’s fixed and variable expenses is the first step in performing a break-even analysis. What sets […]
Single Touch Payroll for all employers
From 29 Jan the ATO will write to small employers with <19 employees that already use payroll software. You will be told about Single Touch Payroll (STP), and reminded that you don’t need to wait for legislation to pass to start reporting through STP. If your payroll software offers STP you can update your software […]
