As we begin the New Year, many people set themselves to the task of making New Year’s resolutions for themselves. If you are a business owner and you want to continue to grow your business, then perhaps you should consider making resolutions and setting some goals for your business? By setting goals for your […]
READ MORERelief from Excess Super Contributions
Protection from Superannuation Guarantee Charge for high income earners with multiple employees The government has introduced legislation which will prevent high income taxpayers with multiple employers from overpaying their superannuation contributions which results in an Excess Contributions Charge each year. This will be especially welcome for medical practitioners who often fall victim of this system. […]
READ MOREThe ATO are taking their ‘gloves off’ on overseas income
In 2014, the ATO offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time there is no amnesty – the gloves are off. How and what you are taxed depends on your residency status. The residency tests don’t […]
READ MOREThe $50 million Manufacturing Modernisation Fund
Are you, or anyone you know, in Manufacturing? Could you/they benefit from The $50 million Manufacturing Modernisation Fund Earlier this month, our Principal Consultant Gavin Austin attended an AusIndustry briefing on a new “Manufacturing Modernisation Fund”. The fund will potentially benefit any SME manufacturing business Applications for this grant close at 4.00 pm Thursday 31 October, […]
READ MOREAre you in the ATO’s sights? For YOU
A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. For you Work related deductions Last financial year, over 8.8 million taxpayers claimed […]
READ MOREAre you in the ATO’s sights? Your BUSINESS
A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. Your BUSINESS There are around 3.8 million small businesses, including 1.6 million sole […]
READ MOREAre you in the ATO’s sights? Your TRUST
A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. Your TRUST Timing of resolutions Trustees (or directors of a trustee company) need […]
READ MOREAre you in the ATO’s sights? SUPERANNUATION
A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. Your SUPERANNUATION Not making your full superannuation contribution? Now you can catch up […]
READ MORESingle Touch Payroll Information for Employers
STP works by sending tax and super information from your payroll or accounting software to the ATO as you run your payroll. When you start reporting: You will run your payroll, pay your employees as normal, and give them a payslip Your pay cycle does not need to change (you can continue to pay your […]
READ MORESingle Touch Payroll Information for Employees
If your employer reports through STP, they will send us your tax and super information each time they pay you. Don’t worry; you’ll still be paid the same way. However, there will be some changes for you. We have produced the following summary factsheet as a handy resource: Single Touch Payroll for employees factsheet (PDF) Single […]
READ MORE