Changes to ATO policy may mean that your eligibility for tax deductions have changed. The 10% maximum earnings condition for personal superannuation contributions rule was removed under Government changes for the 2017-18 and future financial years. Under this new condition, you may now be eligible to claim personal super contribution (PSC) deductions. Let’s take a…

On December 12, 2018, a new act took effect in Australian employment law. This is the Fair Work Amendment (Family and Domestic Violence Leave) Act 2018, an updated component of the Fair Work Act of 2009. This latest amendment gives all employees the right to unpaid annual leave following an instance of domestic or family…

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…

Phoenix Task Force and its Role in Fighting Illegal Trading It’s a problem that’s costing the economy as much as $5 billion a year or more, and the Australian Tax Office is prepared to take it on. Unscrupulous business owners every year create what economists call phoenix companies to evade tax, debt, employment, or other…

As an approach to passive income that’s gathered popularity in recent years, car sharing applications are used throughout Australia. Recently, the ATO has begun cracking down on those who are generating significant income through their use. If you’re partial to profiting from car sharing, you may want to learn more about your tax obligations. How…

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)…

If you’re running a business that employs staff, the chances are you need to pay super guarantees. How much you need to pay will vary according to the number of hours the employee works, as well as their earnings. At present, the super guarantee rate is 9.5% of an employee’s earnings. While SG legislation passes,…

According to the Australian Business Register, trading names will no longer be listed on the ABN Lookup as of November 2018. The only names listed will be those registered with the ASIC. What does this mean for Australian businesses? In order to trade under your registered trade name, you’ll need to register your trading name…

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…

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