On Saturday the 21st March, the Victorian State Government announced a range of measures to assist businesses affected by the covid-19 crisis. The measures include: Refund of all payroll tax paid by employers from July 2019 to date. This affects employers who have annual payroll (wages, super, eligible contractors etc) of more than $650,000 to [...]
The Government has announced a $17.6 billion stimulus package (and an additional $31.9m billion announced 22nd to support the economy through the impact of the coronavirus. But how does it affect you, if at all? Here's the short of it: Cashflow boost Available for employers with aggregated turnover of $50m (note: we aren't sure how [...]
Inside this month's Your Knowledge Update, a timely discussion about preparing your business for a crisis, the FBT problem areas being looked at by the ATO and a reminder of the superannuation guarantee amnesty. Download this month's issue here - Your Knowledge - March 2020.
The Tax Office has provided information on what to do if you make an error with your PAYG Withholding. With the introduction of single touch payroll, this information is necessary for all employers. If you have withheld the correct amount, and the error was simply a reporting error made on your BAS, you will need [...]
It’s an area that can be easy pickings for the regulatory bodies sometimes, so making sure you understand the difference in your business is crucial. The penalties for getting it wrong are plentiful, including: Penalties for failure to withhold PAYG Witholding Superannuation guarantee charge and penalties Fair Work infringement notices Payroll tax and WorkCover So, [...]
The ATO have introduced a new schedule for personal income tax returns for the 2019 income year. This new schedule is in response to the ATO’s view that many taxpayers are overstating their allowable deductions and that the cost to Treasury is measured in billions of dollars. The new schedule requires details on an item [...]
From the financial year 2019 through to 2022, there are two tax offsets with similar sounding names that taxpayers may be able to qualify for at the same time. These offsets are non-refundable, which means they reduce your tax liability but any unused portion will not be refunded. These offsets are calculated automatically when you [...]
Unless a deferral was in place, the requirement for employers with 20 or more employees to report through Single Touch Payroll (STP) began on the 1st July 2018. STP will apply to all employers, with a gradual start date depending on which category an employer falls under: Employers with 5–19 employees (small employers) These employers [...]
Inside this month's Your Knowledge Update, how to classify workers in the sharing economy, the new legislation that denies a tax deduction if you don't meet your tax obligations and the next stage of the ATO's data matching program. Download this month's issue here - Your Knowledge Update - December 2018.
Inside this month's Your Knowledge Update, the accelerated tax rate reduction for small business, the new rules for gift cards and travelling to and from your investment property. Download this month's issue here - Your Knowledge Update - November 2018.