Single Touch Payroll consequences Single Touch Payroll (STP) is now mandatory for most employers, though there remains concessional reporting for small and family businesses. STP replaces annual PAYG Payment Summaries (group certificates) being sent to the ATO with...
We all would like to reduce our tax exposure and minimise risk of an audit by the regulators. This end of financial year update outlines the actions to take to do exactly that: Summary of key changes and actions What’s New: Instant Asset Write Off –...
The deadline for employers with fewer than 20 employees to implement Single Touch Payroll is fast approaching. Unless you are exempted, you must implement this change by 1 July 2019. If you are an employer with 20 or more employees, then you should already have...
What is FBT? Fringe Benefits Tax (FBT) is a tax payable by employers on certain benefits they provide to their employees. The FBT year runs from 1 April to 31 March. If you have provided certain benefits to your employees, you may be liable to pay FBT. What types of...
As we get closer to the end of financial year, you may be thinking about what deadlines you still need to meet for your business, as well as how you may be able to claim some tax benefits. 1. Maximise Deductible Contributions The concessional superannuation cap for...
The end of financial year is almost here! Now is the time to review what strategies you can use to minimise your tax. 1. Maximise Deductible Super Contributions Individuals can now make tax-deductible personal contributions to superannuation to reduce their taxable...
