Federal Court Upholds Tax Credit, Despite Non Reporting of PAYG Withheld Amounts It is commonly understood that all PAYG amounts classed as “withheld” from the salary or wages of a taxpayer, must be reported to the ATO. This is a standard element of tax compliance, and is something that the vast majority of Australian tax…

Taxable Payments Draft Law: The New Reporting Obligations You Need to Know About If you run a business in Australia, you will already be familiar with the legal requirement to report on taxable payments. Details regarding these payments must be submitted to the ATO so that taxes can be calculated accordingly, ensuring that your business…

Single Touch Payroll (STP) is a method of submitting tax and other payroll information to the government directly from your software system every time you pay your employees. When STP comes into effect If you are an employer with at least 20 employees, you should already be reporting through STP. The only exception is if…

Parliament just made significant decisions concerning their tax reduction plan. The uncertainty surrounding the Government’s tax rate reduction scheme has finally lifted. While many companies will enjoy the lowering of the tax rate to 25 percent, a significant number of businesses will still have to pay 30 percent. As with all tax reform initiatives, the…

In a significant month for businesses, the tax world saw some interesting changes during August 2018. With an overview of what they were, you can determine how they impact your day-to-day transactions. Income tax residency rules In the past, those who moved away from Australia for work wouldn’t be subject to Capital Gains Tax (CGT)…

As of July 1st 2018, if your business employs more than 20 individuals you need to adhere to the new ATO single touch payroll rules. In summary, the rules state that you need to inform the ATO every time you pay your employees. For example, if you pay them on a monthly basis, you tell…

Between 2016 and 2017, the number of everyday Australians using cash transactions fell from 69 percent to 37 percent. Despite this staggering fall, those who wish to avoid their tax obligations continue to use large cash payments to conduct their activities. But, with a new cash spending limit in place, it’s becoming harder for them to…

Back in November 2017, the federal government announced changes to tax depreciation legislation. They announced these new changes along with the federal budget on 9 May of this year, and investors across the country are still scratching their heads in confusion and worrying about the potential impact on their future tax returns. Let us break…

Tax day may seem a long way off at the moment, but 31 October will sneak up on you sooner than you think. The earlier you start preparing to lodge your individual tax return, the easier the process will be. You don’t want to be left scrambling around at the last minute, trying to get…

As a small business owner, you’ve got a lot on your proverbial plate. For starters, you’ve got all of the day-to-day aspects of running your business, as well as daily interactions with current and prospective customers. You also have to contend with keeping up with your competitors and taking steps to grow your business. With…

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