THE GREATEST CHANGE AFFECTING PAYROLL FOR YOUR EMPLOYEES IS HERE. SINGLE TOUCH PAYROLL! DUE DATE 1ST JULY 2018! As an employer or a small business owner; managing employee obligations and even generally managing staff is one of the most crucial and important aspects of running a business. Payroll forms the biggest expense for most small…
DetailsIn the recent past,theATO has been actively reviewing claims of taxpayerswho own holiday homes with a view to cut down on rental deductions which taxpayers may not be eligible to claim. Using the data matching system, the ATO isable to detect unusual claim sandis writing to a large number of property owners advising them about claiming deductions only which they may be entitled to.
DetailsSMSF Non lodgement on ATO’s scanner: Be-Aware! The ATO has undertaken a drive to declare SMSFs not lodging their tax returns as non-compliant. A non-compliant SMSF means that it is not eligible for concessional tax rates and hence will be taxed at 45%. The lodgement of a Self Managed Super Fund (SMSF) annual return is…
DetailsNot For profits and the DGR Changes (Deductible Gift Recipient ) The Commonwealth Government has announced a number of potential changes to the Deductible Gift Recipient (DGR) system. Under the old legislation, some DGRs had to report to the Commissioner of Taxation while others to ACNC.As released earlier this year, the reforms aim at bringing…
DetailsProperty Development – New GST measures for Property Developers In the most recent Budget of 2017, the government had announced that from 1 July 2018, purchasers of newly constructed residential properties or land in new subdivisions will have to pay GST directly to the ATO as part of the settlement. The changes were announced to…
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DetailsReduce your tax payable through tax offsets and rebates! Many individuals quite often ask the same question surrounding the topic of ‘how to save money on tax’. Besides the allowable deductions according to ATO; options such as negative gearing on an investment, salary sacrifice, so on and so forth, there are tax offsets and rebates…
DetailsSOLE TRADER TAX RETURNS: Taxation has been a major topic of concern for people getting into business for a long time. Different kind of business and ownership structures can affect the way an individual reports his/ her income and pays tax. One of the most basic and cost effective business structure is when an individual…
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