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Liverpool NSW 2170

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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 […]

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