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 the ATO will also…
In the last decade, Australia has had an exponential rise in the start-up sectors. An underlying aim of the Australian government’s new tax benefits is to encourage and promote entrepreneurship by assisting investors. The government intends to address a funding gap issue between pre-concept stage investment and support finance. Therefore, the government has started two…
May – 2019 Practice Update covers following points: Federal Election Called! 2019/20 Budget Update New Industries Entering the Taxable Payments Reporting System Scammers Impersonate ATO phone numbers FBT Issues on the ATO’s Radar FBT: Record-keeping Exemption Threshold FBT: Benchmark Interest Rate Click here for May – 2019 Practice Update
As we are almost at the end of the financial year, here are some simple tips that will help maximise your tax refund. 1. Make Investments in Property Although your tax return is nowhere close to the value of a house deposit, you can still use it to invest in a property. With platforms like…
April – 2019 Practice Update covers following points: Continued Focus on the Cash Economy Common Errors with New GST Withholding Rules Latest ATO Benchmarks Released ATO Warning Regarding Annual Leave Loading and OTE Taxpayer Living in Serviced Apartments Overseas Not a Resident Mostly Vacant Property Still an ‘Active’ Asset Click here for April – 2019…
The transaction and use of cryptocurrency in Australia are evolving rapidly. If you’ve bought, sold or even traded using cryptocurrency, you have a tax obligation to retain records. Here are a few essential tax tips that you need to consider if you have made a profit by trading in cryptocurrency: 1. Sort out Tax Liabilities…
March – 2019 Practice Update covers following points: Changes to the small business instant asset write-off. Tax scammer alert. Non-complaint payments to workers. What’s new for Australian business. Click here for March – 2019 Practice Update
Most businesses – be it small or big – struggles with cash flow gap at some stage. However, it can be really detrimental for a small business. Here we have listed down a few common causes that widen that cash flow gap: 1. Inefficient Financial Planning and Management There is a saying: Failing to plan…
January/February – 2019 Practice Update covers following points: Division 293 assessments. Claims for home office expenses increased. MYEFO report. Taxation of income for an individual’s fame or image. Click here for January/February – 2019 Practice Update
December – 2018 Practice Update covers following points: Company loans to shareholders under review. ATO to send text messages if bank account details incorrect. ATO contact regarding business cars and Fringe Benefits Tax (‘FBT’). External collection agencies to enforce ATO lodgment obligations. ATO data matching and share transactions. Improvements to employee share schemes announced. ATO…
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