April began with markets under pressure from China’s tit-for-tat response to US President Donald Trump’s announcement of tariffs and a tepid US jobs report for March, but ended strongly, particularly in Europe and Asia.
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The Government announced in December 2014 that it would introduce Single Touch Payroll (‘STP’).
The new reporting rules essentially require, from 1 July 2018, ‘real time’ reporting of salary and wages, PAYG withholding and superannuation information to the ATO by ‘substantial employers’ (i.e., those with 20 or more employees) directly from their payroll software, giving the ATO almost instant access to key tax-related information.
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With the ATO’s compliance targeting of large businesses in the past few years reaping rewards, this tax time, its turning its attention to small businesses. As a small business owner, what do you need to be aware of to stay out of the ATO spotlight?
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There are rules that govern when super can be accessed, and usually access can only be obtained at retirement or in exceptional circumstances (compassionate grounds, severe financial hardship, terminal medical condition, and temporary or permanent incapacity).
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Did you know from 1 July 2018, GST will apply to sales of all goods to Australia. The previous $1,000 low-value threshold will no longer apply and those businesses that meet the $75,000 registration threshold will need to register, charge and remit GST to the ATO. This applies regardless of where the business is based.
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It is said there are only two things certain in life, death and taxes, but what happens when they occur at the same time? Death of a loved one is not only a tumultuous time for the deceased family and friends but when the deceased is a member of a self-managed superannuation fund (SMSF) complications from trustee arrangements and payment of the death benefit come into play …
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With the real estate market hotting up for another year, many home buyers will turn their thoughts to newly constructed residential premises or subdivisions, but a recent Bill introduced may increase the costs and complexity of such purchases …
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Pre-lodgement compliance reviews (PCRs) are increasingly being used by the ATO to resolve potential compliance concerns as they arise. Previously, PCRs have only been applied to significant taxpayers such as public companies, international groups and large Australian businesses. However, PCRs may now be extended to all other business taxpayers where compliance obligations have not been met in a consistently timely manner in the past …
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It’s May which means it’s Budget time. In the last full Budget before the next Federal election, the Treasurer delivered an election Budget with enough sweeteners for everyone including businesses, income tax relief for individuals, measures to boost superannuation, and help for older Australians.
The 2018-19 Budget was handed down on 8 May by Treasurer Scott Morrison. In the last full Budget before the next Federal election, ScoMo delivered what was widely perceived to be an election Budget with lots of sweeteners for everyone. So what’s in it for you?
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