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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…
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…
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…
Special Pherrus Federal Budget 2018-19 Review The federal budget has been outlined for 2018-19. This year’s Budget highlights a mix of some 37 measures. What are the need to knows? Here are the Big Ones Personal Income Tax Relief – there will be an immediate offset for low to middle income earners. Further relief is…
Starting from the 1st July 2018, the changes to GST exemption mean that all online goods bought from overseas will now carry a 10% goods and services tax. The previous rules meant that all goods worth less than $1,000 were exempt from the GST, but that is no longer the case. Goods becoming more expensive…
If you have invested in Bitcoin or other cryptocurrencies, you need to stay ahead of some changes which are coming from the Australian Tax Office. The ATO is keen to crack down on cryptocurrencies to ensure that investors are paying taxes on their earnings. New crackdown initiative The ATO has a number of different ways…
Should you provide workers compensation insurance for your employees? There might be a few more benefits than you expect. First, let’s look at what this type of insurance entails, and then why you should already have a scheme in place. What is workers compensation insurance? This type of insurance will pay out if one of…
If you haven’t yet heard about Single Touch Payroll, you may need to conduct a quick headcount to determine if your business needs to comply. What is Single Touch Payroll ? Single Touch Payroll (STP) aligns your reporting obligations to your payroll processes. Your business will be required to report to the ATO each time you…
If you own a business in the building and construction industry, you’re required to keep track of all payments you make to contractors. Each year you must report these payments to the Taxation Office by August 28. For this reporting, you will use the Taxable Payments Annual Report (TPAR) form. Here are the basics you need to understand to properly lodge this…