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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 […]

Small Business Assist

The Australian Taxation Office’s ‘Small Business Assist’ tool provides answers to small business tax and super questions. It delivers tailored and accurate information sourced from a range of websites. It includes information such as: Registering for an Australian business number Understanding and registering for GST Employer obligations Lodging activity statements Small Business Assist features links […]

Preparing To Engage Workers

If you are planning to hire new workers, there are a few things to consider and organise in order to meet your tax and super obligations. One thing you must do is make sure your workers are legal – they must be Australian citizens, permanent residents or non-citizens with Australian visas that allow them to […]

Privacy Law Reform Changes Come Into Effect

Changes to the Privacy Amendment Act 2012 (Cwlth) commence on 12 March 2014. These changes establish 13 Australian Privacy Principles (APPs), which replace the existing National Privacy Principles. These principles identify the information that must be contained in an organisation’s privacy policy, including: How, what, why and for what purpose the business collects and holds […]

Taking Over An Existing Business

Taking over an existing business, whether it is buying an established business or taking over the family business requires careful analysis and planning. When buying a business, some aspects to consider include: Why is the business being sold? What is the vendor’s history with the business? Are there any sales patterns or trends? What is […]

Personal Property Securities Register

The Personal Property Securities Register (PPSR) is where details of security interests in personal property can be registered and searched. Transitional arrangements have been in place for the last two years. The transitional arrangements for the PPSR expired on 31 January 2014. Suppliers of personal property who failed to register their security interest during the […]

Common Tax Questions Answered

In the words of the late Kerry Packer: “I am not evading tax in any way, shape or form. Now of course I am minimising my tax and if anybody in this country doesn’t minimise their tax they want their heads read because as a government I can tell you you’re not spending it that […]

Great New Product Ideas

Here are several ways to obtain great ideas for new products: Run informal sessions where groups of customers meet with company engineers and designers to discuss problems, needs and brainstorm potential solutions Allow staff time off to work on pet projects Survey your customers and find out what they like and dislike in your competitor’s […]

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