​ATO watching for foreign income this Tax Time

Scott Robertson - Wednesday, September 11, 2019

The ATO is urging taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time. New international data sharing agreements allow the ATO to track money across borders and identify individuals not meeting their oblig ..

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Proposed expansion of STP to smaller employers

Chris Thorne - Tuesday, November 06, 2018

Single Touch Payroll (‘STP’) commenced on 1 July 2018 for approximately 73,000 employers who have 20 or more employees. There is currently legislation before Parliament to expand STP to all employers from 1 July 2019 and it is estimated that there will be more than 700,000 employers who  ..

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Fast-tracking tax cuts for small and medium businesses

Scott Robertson - Thursday, November 01, 2018

The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income year based  ..

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Black economy recommendations will impact day-to-day business

Chris Thorne - Monday, September 17, 2018

Recently issued draft legislation has focused on introducing new measures to manage the growing cash economy (i.e., the 'black economy') in light of the Black Economy Taskforce recommendations and recent Federal Budget announcements. Two of these key recommendations are outlined below. Removi ..

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Single Touch Payroll Update

Scott Robertson - Tuesday, August 14, 2018

Single Touch Payroll (STP) officially commenced for larger employers on 1 July 2018, and the ATO has provided some further guidance for affected entities. The ATO is writing to employers who started reporting through STP before 1 July 2018, providing them with information about how their emplo ..

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2018 Budget Update

Scott Robertson - Friday, June 01, 2018

The Government handed down the 2018/19 Federal Budget on Tuesday 8th May 2018. Some of the important proposals include: - The introduction of the 'Low and Middle Income Tax Offset', a temporary non-refundable tax offset of up to $530 p.a. to Australian resident low and middle income taxpaye ..

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​New FBT rates for the 2018/19 FBT year

Scott Robertson - Wednesday, May 23, 2018

The ATO has released Taxation Determinations setting out the following rates for the FBT year commencing on 1 April 2018. FBT: Benchmark interest rate The benchmark interest rate for the 2018/19 FBT year is 5.20% p.a., which is used to calculate the taxable value of: - A loan fringe be ..

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Get ready for Single Touch Payroll

Scott Robertson - Thursday, May 03, 2018

Single Touch Payroll (or 'STP') is mandatory for 'substantial employers' (being those with 20 or more employees) from 1 July 2018. All employers are required to count the number of employees on their payroll on 1 April 2018 to find out if they are a substantial employer (note that this ca ..

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Further 'affordable housing' measures passed

Scott Robertson - Wednesday, January 24, 2018

Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and also allowing older Australians to 'downsize' and then contribute the proceeds of the sale of their family home into superannuation. ..

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Extension of the $20,000 SBE Immediate Deduction Threshold

- Tuesday, July 25, 2017

In the 2017/18 Federal Budget handed down on 9 May 2017, the Federal Government announced that it intended to extend the ability of Small Business Entity (or ‘SBE’) taxpayers to claim an outright deduction for depreciating assets costing less than $20,000 until 30 June 2018. This Budget Night an ..

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