Tax Tips For Business Owners

FBT Rates and Thresholds for the 2021/22 FBT Year

By Warren Kruger / April 6, 2021 / 0 Comments

  | | | The ATO has updated its webpage containing the fringe benefits tax (‘FBT’) rates and thresholds for the 2017/18 to 2021/22 FBT years. Two amounts that were not previously announced for the 2021/22 FBT year are: the FBT record keeping exemption is $8,923 (up from $8,853 for the 2020/21 FBT year); and […]

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Avoiding Disqualification From SG Amnesty

By Warren Kruger / March 16, 2021 / 0 Comments

  | | | The superannuation guarantee (‘SG’) amnesty ended on 7 September 2020.  Employers who disclosed unpaid SG amounts and qualified for the amnesty are reminded that they must either pay in full any outstanding amounts they owe, or set up a payment plan and meet each ongoing instalment amount so as  to avoid […]

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Paper PAYG And GST Quarterly Instalment Notices

By Warren Kruger / March 5, 2021 / 0 Comments

  | | | The ATO has previously advised that it will no longer issue paper activity statements after electronic lodgment.  Instead, electronic activity statements will be available for access online, three to four days after the activity statement is generated. As part of its digital improvement program, the ATO stopped issuing paper quarterly PAYG […]

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Changes to STP Reporting Concessions From 1 July 2021

By Warren Kruger / March 2, 2021 / 0 Comments

  | | | Small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ payees through Single Touch Payroll (‘STP’).  Also, a quarterly STP reporting option applies to micro employers (four or fewer employees).  These concessions will end on 30 June 2021. The STP reporting changes that apply for these employers from […]

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Cash Payment Limit Bill Shelved

By Warren Kruger / February 25, 2021 / 0 Comments

  | | | It appears that the Government has decided not to proceed with its proposal to limit cash payments in Australia to $10,000. This measure was originally raised as part of the 2018/19 Budget, and the Government subsequently introduced a Bill to the House of Representatives, proposing to make it an offence for […]

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JobMaker Hiring Credit Scheme: Claims Open From 1 February 2021

By Warren Kruger / February 18, 2021 / 0 Comments

  | | | The JobMaker Hiring Credit is being administered by the ATO and provides a wage subsidy payment directly to employers as an incentive to employ additional job seekers aged 16 to 35 years. Registrations for the JobMaker Hiring Credit scheme opened on 7 December 2020, and claims for the first JobMaker period […]

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