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Expansion of Single Touch Payroll

Expansion of Single Touch Payroll

All employers in Australia will be required to report wage information under Single Touch Payroll (STP) rules, commencing 1 July 2019. STP previously only applied to larger employers of 20 or more, but this has now been expanded to all employers and includes owner’s wages. Sole traders with no employees would not be required to

Denying Deductions for Wages with No Withholding

Denying Deductions for Wages with No Withholding

Coinciding with the new Single Touch Payroll (STP) rules, there will also be new rules introduced on 1 July 2019 that will deny the deduction for any wages paid where no tax was withheld. This includes salary, wages, bonuses, allowances, director fees, labour hire agreements and payments to contractors that haven’t provided their ABN. For

Lower company tax rate changes

Lower company tax rate changes

2018–19 income year From the 2018–19 income year, a company must be a base rate entity to be eligible for the lower 27.5% company tax rate. A company is a base rate entity if both of the following apply: When working out the rate to use when franking your dividends, you need to assume that

Increased small business income tax offset

Increased small business income tax offset

You can claim the small business income tax offset if you either: From the 2016–17 income year, the small business income tax offset: The tax offset is set to increase to 13% in 2020–21 and to 16% from the 2021–22 income year. For further information or advice, please contact Silver & Young Chartered Accountants on

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