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.
To maintain the benefit of concessional tax treatment, it is important for a self managed superannuation fund to be a complying fund ie it complies with all the necessary superannuation and tax laws. If the fund loses its status as a complying fund it can result in both financial and administrative penalties being imposed by [...]
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, [...]
Inside this month's Your Knowledge Update; we explore the important legislative changes to CGT & the family home which effect Australian non-residents and summarise the help available to those impacted by the bushfires. Download this month's issue here - Your Knowledge - February 2020.
Inside this month's Your Knowledge Update; the vacant land deduction changes that will hit 'Mum & Dad' property developers, the changes to how SG is calculated for certain employees and we investigate if the ATO can take money out of your account. Download this month's issue here - Your Knowledge Update - November 2019
Inside this month's Your Knowledge Update; the superannuation guarantee amnesty, what the historically low interest rates mean for you and an alert about trust distributions to non-resident beneficiaries. Download this month's issue here - Your Knowledge Update - October 2019.
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 [...]