The Small Business Guide to Single Touch Payroll
Single Touch Payroll (STP) is a Federal Government regulation that changes when and how businesses report payroll activity to the Australian Taxation Office (ATO). It requires businesses to report payments such as salaries and wages, pay-as-you-go (PAYG) withholding...
The ATO’s “living expenses” tool to help tackle the cash economy
It’s known by a variety of names, such as the black economy, or even the cash or hidden economy. But whatever the label, its existence is a pebble in the ATO’s shoe that it is forever looking to prise out. As part of that ongoing effort, it has settled upon certain...
Super downsizer scheme essentials
Under the superannuation downsizer scheme, people aged 65 and older can make a non-concessional (post-tax) contribution of up to $300,000 from the proceeds of selling what was once their family home. Downsizing enables more effective use of housing stock, and existing...
What you need to know about the beefed-up director penalty regime
Being a director of a company, as with any elevation of status, is a role that also brings with it added responsibilities and duties. Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial...
Can the ATO’s public rulings help your outcomes?
The ATO can issue public rulings that provide guidance on the interpretation of various tax laws. Public rulings generally deal with priority issues that have been found to require clarification, so if you have a concern about a particular area of tax law, you may...
Alternatives to a tax invoice for certain GST credit claims
Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses. A business registered for...
Staff training costs deductible, but beware FBT
One of the recognised keys to business success is having knowledgeable, efficient and well-trained staff. But it is not always possible (or is indeed rare) to have potential staff walk in off the street who are a 100% perfect fit. People employed at any business will...
Deductions for donations
As most of us know, donations of $2 or more are deductible, and there is flexibility in the rules around donating to emergency relief bodies in that no receipt is required if giving less than $10 (so called “bucket” donations). To be able to claim a tax deduction for...
The tax deductions available for interest, dividends and other investment income
The tax rules allow investing taxpayers to claim some deductions related to some of the expenses and costs that are generated when earning interest, receiving dividends or gaining other investment income. Remember, interest from a bank or other financial institution...
Single touch payroll rollout for smaller employers
A major change in the way employers report the tax and super information for their employees to the ATO has been on the way for a while now. The single touch payroll (STP) system started to be rolled out gradually from 1 July 2018 for what the ATO refers to as...