Epoch News
Single Touch Payroll: what you need to know
Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018. For employers Employers with 20 or more employees at 1 April 2018 must use standard...
Tax deductions: the danger zones
A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed - $22 billion worth to be exact. In Australia, tax deductions are available for expenses incurred in producing assessable...
Survey: Business keen on PayID
PayID was launched in February this year as part of what’s known as the New Payments Platform. The service is being offered by most banks and allows for virtually instantaneous payments using mobile numbers or emails rather than traditional account details. Earlier...
Will your business be audited?
Ever wondered how the ATO identifies audit targets? The ATO is very upfront when it comes to their compliance activity. Every year they publish small business benchmarks that outline what a typical business ‘looks like’ in different industries. If your business falls...
Property developers and purchasers face big GST changes
If a Bill currently before Parliament passes, from 1 July 2018, purchasers of new residential premises or new residential subdivisions will need to remit the GST on the purchase price directly to the ATO as part of the settlement process. This is a significant change...
Get up to speed on the ATO’s FBT ‘Hot Spots’
The Fringe Benefits Tax (FBT) year ends on 31 March. I’ve outlined the key hot spots for employers and employees. Motor Vehicles – using the company car outside of work Just because your business buys a motor vehicle and it is used as a work vehicle, that alone does...
What’s changing in 2018?
1 January 2018 Vacancy fees for foreign acquisitions of residential land - An annual vacancy fee imposed on foreign owners of residential real estate if the property is not occupied or genuinely available on the rental market for at least 183 days in a particular 12...
New data breach laws come into effect
New data breach rules in effect from 22 February 2018 place an onus on business to protect and notify individuals whose personal information is involved in a data breach that is likely to result in serious harm. In October last year, almost 50,000 employee records...
Directors on ‘hit list’ for not paying employee super
Proposed legislation would see the ATO pursue criminal charges against Directors who fail to meet their superannuation guarantee (SG) obligations. An analysis by Industry Super Australia submitted to the Economics References Committee into Wage Theft and...
2022 Business checklist
Here’s our list of the top 10 things to action or keep an eye on in 2022. 1. BUDGET A budget is the most prized weapon in your business arsenal. A well-thought-through budget will capture your expected monthly income and expenses and enable you to track how you’re...