Tax Tips For Business Owners
Small business entity (‘SBE’) taxpayers who choose to depreciate their assets under the simplified depreciation rules are entitled to an immediate deduction with respect to low-cost assets in the year they are first used or installed ready for use for a taxable purpose. Thanks to recent changes, SBE taxpayers may be entitled to an immediate […]
The ATO has issued the following reminders to employers, that backpackers on working holidays: are considered temporary residents, and are entitled to superannuation guarantee if they are paid $450 or more before tax in a calendar month; and who leave Australia can claim the super paid to them as a Departing Australia superannuation payment (‘DASP’), […]
The ATO has also reminded employees about employees and payment summaries. How they get their end of financial year information from their employer, showing their earnings for the year, depends on how their employer reports their income, tax and super information to the ATO. Specifically: Employers that are not yet reporting through STP will continue […]
With the introduction of Single Touch Payroll for employees, the way workplaces report your tax and super information the ATO has changed. The ATO have changed the way workplaces will be reporting your tax and super information which will provide the ATO with your tax and super information on more of a frequent basis. The […]
It is important to understand your obligations as an Australian Taxpayer to know your tax return due date. It’s extremely important. We have broken it down for you in simple terms to better understand your tax return due date. If you are lodging your taxes using an online platform yourself, you are required to lodge […]
If you’re an employer and have 20 or more employees, you should already know and be in the process of Single Touch Payroll. If you have 19 or less employees, you will be required to report through Single Touch Payroll to the ATO from 1st July 2019. Many new employers may be scratching their heads […]