Businesses can no longer claim deductions for payments to workers (employees or contractors) if they have not met their pay as you go (PAYG) withholding obligations. This applies to income tax returns lodged for the 2020 income year onwards. If the PAYG withholding rules require you to withhold an amount from a payment you make […]
Small Business Instant Asset Write-off Changes Increase in the immediate asset write-off: The budget has announced that from 2 April 2019- 30 June 2020 the threshold of $20,000 asset small business write-off will increase to $30,000. The threshold may potentially reduce to the original threshold of $1,000 from 1 July 2020, however the threshold has […]
The Labor Party is proposing a ban on some dividend imputation refunds if it win the 2019 federal election. The dividend imputation scheme was first introduced in 1987. The logic is that Australian company profits that are distributed as dividends should not be taxed twice (first at the corporate level and second at the shareholder […]
One of the biggest changes for businesses and their payroll systems is coming soon (1 July 2019) – Single Touch Payroll (STP). Whilst employers with 20 or more employees have been required to report from 1 July 2018, from 1 July 2019 all employers will be required to report wages paid to their employee. As […]
ATO Single Touch Payroll Webcast on 5 March 2019. Following the passage of legislation to extend Single Touch Payroll to all employers from 1 July 2019, the Australian Taxation Office is hosting a live webcast on 5 March 2019 from 11:00am to 12.30pm to share the transition approach and options available to small and micro […]
Many individuals who have gone through the Australian university system or another approved higher education provider will have opted to pay for their education via the HECS-HELP system. This system allows for your higher education to be repaid after your income reaches a certain level. In August 2018, legislation was passed to reduce the threshold […]
The $20,000.00 instant asset write-off for businesses with aggregated annual turnover of less than $10 million has been extended for another 12 months – to 30 June 2019. An SBE may also deduct the balance of its general small business pool at the end of an income year if the balance of the pool at […]
On 8 May 2018, the Victorian Parliament passed the Long Service Leave Act 2018 (Vic) (the New Act). The New Act repeals the Long Service Leave Act 1992 (Vic) (the Current Act) and introduces key changes to Victorian employees’ long service leave entitlements. The New Act has come into effect on 1 November 2018. The major differences between the […]
Recently we have seen a number of key developments in relation to company tax rates. It has been confirmed that the Government will no longer extend the company tax cuts to larger companies. This means that only those companies which have aggregated turnover of up to $50 million potentially will be eligible for a tax […]
The 2017 budget has seen a major change that will impact current and future residential rental property owners. From 1 July 2017, deductions for travel expenses related to: Inspecting Maintaining or; Collecting rent for a residential rental property will be disallowed. This has been implemented to address concerns that rental property owners have been claiming travel […]