Claiming Work-Related Expenses

By |2019-10-17T10:27:12+11:00September 17th, 2019|Accounting, Hospitality, Small Business, Tax|

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 [...]

Low Income Tax Offset (LITO) And Low and Middle Income Tax Offset (LMITO)

By |2019-10-17T10:14:58+11:00September 5th, 2019|Accounting, Hospitality, Small Business, Tax|

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 [...]

Single Touch Payroll – What Start Date Applies To Your Business?

By |2019-08-29T12:48:37+10:00August 29th, 2019|Accounting, Hospitality, Small Business, Tax|

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 [...]

Superannuation Contributions for 2018/2019

By |2018-08-13T15:31:43+10:00July 31st, 2018|Accounting, Hospitality, Small Business, Superannuation, Tax|

Superannuation Contributions for 2018/2019 The contributions that a member can make into a superannuation fund will depend on whether those contributions are classified as “concessional” or ”non-concessional contributions”. Concessional contributions refer to contributions made with before tax dollars while non-concessional contributions refer to contributions made with after tax dollars. For example. Employer contributions including salary- [...]