Business Articles
Single Touch Payroll
Single Touch Payroll (STP) has been extended to apply to employers with less than 20 employees from 1 July 2019. The Legislation has been passed by the Federal Government. Employers will need to register with the ATO and make sure they are ready to report wages, PAYG...
2018 Tax Planning Options (Video)
https://youtu.be/Pp31pg54LN4
2018 Tax Planning Options
Want to Save Tax Now? Let Us Give You Direction. The 2018 Budget has pushed most of the proposed tax benefits to 2023 and 2025 financial years. How do you save tax now? Do the following Options Apply to You? Making Personal Super Deductions is a great way to Save Tax!...
2018 Federal Budget Changes – Businesses
The $20,000 Asset Write Off Has Been Extended! The Government has announced in the budget that it will extend the $20,000 Asset Write Off for another 12 months to 30 June 2019 for businesses with an aggregated annual turnover of less than $10 million. Small businesses...
2018 Federal Budget Changes
Personal Tax Cuts in a 3 Step Plan to be Implemented Over 7 years Step 1: Target Relief for Low and Middle Income Earners The government will introduce the Low and Middle Income Tax Offset (LAMITO) which is a non-refundable tax offset of up to $530 per year made...
Corporate Tax Rate Reduced for Small business
For the 2017 Financial Year, the corporate tax rate for small businesses was reduced from 28.5% to 27.5% and the aggregated turnover threshold to quality as a small business was increased from $2 million to $10 million. This reduces the income tax that corporate small...
$20,000 Instant Asset Write-Off
The $20,000 instant asset write-off continues for small businesses until at least 30 June 2018. Small businesses with a turnover of less than $10 million can deduct the business portion of each capital asset they purchase that costs less than $20,000. The $20,000...
Simplified BAS reporting
Simplified BAS reporting commenced from 1 July 2017 for small businesses with a turnover of less than $10 million. Small businesses will no longer be required to complete label G2 Export Sales, G3 Other GST-free Sales, G10 Capital Purchases and G11 Non-Capital...
Single Touch Payroll
A new ATO initiative is called Single Touch Payroll (STP) which requires businesses and employers to report staff salaries, wages and PAYG withholding amounts to the ATO at the same time they pay their employees. It will be mandatory for employers with 20 or more...
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