Compensation Payments:
Superannuation fund trustees who receive compensation from financial institutions and insurance providers must consider how receipt of these payments may impact a member’s contribution caps.
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On the road.
The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels or spends time living away from home – for work.
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What the new Your Future, Your Super means for you.
Recent legislative reforms to the superannuation arena are set to change the retirement savings landscape for many Australians.
The Federal Government says the Your Future, Your Super reforms will help ensure superannuation works in the best financial interests of all Australians by removing unnecessary waste, increasing accountability and transparency, and providing more flexibility for families and individuals.
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Avoid common mistakes in your business return, and include appropriate income
We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes.
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The tax treatment of cryptocurrency
It’s been more than 10-years since the advent of bitcoin and the term “cryptocurrency” entered the public consciousness. However, neither bitcoin nor the many thousands of cryptocurrencies that have followed have become widely used for payments. Instead, people are more likely to use cryptocurrencies as a speculative high-risk investment class.
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The Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses.
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EOFY tips for your tax plan
The financial year is almost over, but there are still effective strategies you may be able to put in place. The aim is to make sure you pay no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still the case, if not more so, in the on-going COVID-19 environment.
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To make sure you don’t miss any vital fringe benefits tax items, here is a comprehensive checklist.
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Some money is not counted as ‘income’ by the ATO
It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return.
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A frequently asked question from our clients is ‘I didn’t receive my PAYG Payment Summary from my employer, so what do I bring in to get my tax done?’. If this is the case, there is no need to worry because that means that your employer is reporting through Single Touch Payroll (STP).
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Update your ABN ... or miss out!
Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support.
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Thinking about hiring a new employee?
There are a lot of assistance available for employers looking to hire, one being the ATO Job Maker Hiring Credit.
For more information on eligibility and reporting follow the link to the ATO factsheet or give us a call
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The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating impact of COVID-19 on
the labour market.
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Christmas is here and along with it comes the break we’ve been working for all year, the panic of last minute shopping, and also, scams.
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Legislation has now passed to make Single Touch Payroll (STP) mandatory for small businesses (4-19 employees) and micro businesses (1-4 employees) from the 1st of July 2019
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The Personal Properties Security Register (PPSR) has been around for a few years now but is still very important for small business owners.
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The ATO have released figures that in the first two months of the 2018 tax return season they have found and corrected $53 million of errors.
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Big Business vs Small Business. It is the modern day David vs Goliath story.
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You've got too much work and not enough hours in the day - seems like this is the story of every business owner
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The new Minimum Financial Requirements (MFR) for licensing in the building & construction industry in Queensland started from 1 January 2019.
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