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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

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

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: they have a turnover less than the turnover threshold – which is $50 million for the 2018–19 […]

Increased small business income tax offset

You can claim the small business income tax offset if you either: are a small business sole trader have a share of net small business income from a partnership or trust. From the 2016–17 income year, the small business income tax offset: increased to 8%, with a limit of $1,000 each year applies to small […]

Amendments to the Director Penalty Regime

From 30 June 2012, the obligations imposed on directors for their company report and remit Pay As You Go (PAYG) withholding tax have been tightened. The Director Penalty Regime has also been amended to impose obligations and personal liability on directors when reporting and remitting superannuation guarantee charge liabilities. This legislation has been enacted to […]

Transition to Retirement Pensions

A transition to retirement pension is a great way to supplement your income if you are moving from full-time employment to retirement. The benefit of this pension is that it allows you to supplement your income to maintain your lifestyle if you have chosen to reduce your working hours. It may also allow you to […]

Protecting SMSFs and Investors Against Fraud

In a post global financial crisis world, with low returns from investments and superannuation, many people are worried about their savings lasting through retirement. This has made investors even more vulnerable to fraud. Organisers of these scams are targeting any person with relatively large amounts of money to invest such as retirees or people nearing […]

Christmas Party Benefits

The provision of a Christmas party to an employee may be a minor benefit and exempt from fringe benefits tax (FBT) if the cost of the party is less than $300 per employee and certain conditions are met. The benefit provided to an associate of the employee (ie partners and families if they attend) may […]

Small business accountants – usages and importance

Choosing the right accountant for your small business shouldn’t be left up to chance. The Professional Association of Small Business Accountants unites some of the best and brightest small business accounting, payroll, and financial advisory experts in the country with one goal in mind, customer satisfaction. Organizations often need a way to keep score when […]

Low Income Super Contribution

The Government has introduced a new super payment called the Low Income Super Contribution (LISC). The LISC payment took effect from 1 July 2012. Those eligible must have an adjusted taxable income not exceeding $37,000 of which 10% or more is derived from business or employment, and have made concessional contributions to a complying super […]

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