small business

Director penalty change strengthens SG rules

Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company (see the relevant section of the law here). But there are also some tax obligations for PAYG withholding and superannuation guarantee charge payments, which are outlined under the

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Tax deductibility of ‘non-compliant’ payments about to get the chop

From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment. If the PAYG withholding rules require a business to withhold an amount from a payment that

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STP essentials (relax, it’ll be okay)

With the 1 July 2019 deadline for smaller employees to start reporting via Single Touch Payroll (STP) looming large on the horizon, Tax & Super Australia speaks with Assistant Commissioner John Shepherd, the ATO’s STP program lead, about the STP essentials, and the finer points, that your clients need to know. {A downloadable Fact Sheet

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The budget’s boost to instant asset write-off is now law

  Federal Budget night announced an increase in the instant asset threshold, and also an extension of which businesses could access the measure. Now the Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Bill 2019 has achieved Royal Assent. (And it did so on 6 April, so your affected clients may appreciate the

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SG amnesty is not law, but its promise has gathered $100 million so far

  Tax & Super Australia reported recently that the failure of the Superannuation Guarantee Amnesty to pass into law has led to a problem — namely, that employers who came forward after the announcement of the amnesty, via a media release in May 2018, on the expectation of enjoying the amnesty’s benefits, found themselves facing

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The same business test replaced by the “similar business” test

  Among the first batch of tax legislation the government dealt with in the new year was Treasury Laws Amendment (2017 Enterprises Incentives No.1) Bill, legislation that contained changes to the “same business” test. It sees the “same business test” supplemented with a more flexible “similar business test” to work out whether a company’s income

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Peer-to-peer sharing economy sourced assets, and the realities of making a claim

  The now common and still growing phenomenon of peer-to-peer goods exchange sites such as Gumtree or Facebook groups can throw up some interesting scenarios regarding the acquisition of claimable assets and the consequent work-related or business expense deduction claims. In the case of Gumtree, for example, the online buy-and-sell site has enjoyed increasing usage

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SG amnesty: Are reports of ATO leniency off the mark?

  The failure of the Superannuation Guarantee Amnesty to pass into law has led to a problem. To recap, the Superannuation Guarantee Amnesty was to be available for the 12-month period from 24 May 2018 to 23 May 2019. To get the benefits of the amnesty (set out below) employers must during this 12-month period

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Single Touch Payroll guidance for your small business clients

  Your smaller employer clients will soon be asking (if they haven’t already) for information and guidance on transitioning to the new way to report tax and superannuation information to the ATO — Single Touch Payroll (STP). Once an employer starts reporting through STP-enabled payroll software they will be sending tax and super information to

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Remember that a fuel tax credit increase has just gone through

  Fuel tax credit rates are indexed twice a year, in February and August, in line with the consumer price index (CPI). Also these rates change regularly, so it’s important to check when you are preparing an activity statement for a client. See this ATO webpage for the rates that apply from 4 February to

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