Walker Wayland Joins Members at BKR International Annual Worldwide Meeting in Los Angeles
Partners from Walker Wayland NSW joined more than 225 participants at the BKR International Annual Worldwide Meeting in Los Angeles, California from the 25th-29th…
Changes to MyTax and what you need to know about MyGov
What is MyGov & what is MyTax? MyGov is the internet portal that allows Australians to easily access government services including the ATO, Medicare…
What is the Justified Trust concept?
We have all heard the constant chatter about some of the world’s biggest multinational companies not paying enough tax to match their profits, Google,…
Government Assistance For Farms Doing It Tough
Since release, consistent extension and alterations throughout the first quarter of 2019 have been added to this package, now valued at over $1.1 billion with various beneficial Financial and Taxation assistance. If you have direct connection, or have affiliation with drought-affected taxpayers, it’s important in this current ambiguous climate to be aware of any financial assistance made available to taxpayers by the Australian Tax Office (ATO) to aid in the process of drought recovery affecting on-going rural businesses.
Federal Budget 2019-20
“Tonight, I announce that the Budget is back in the black, and Australia is back on track…paying its own way.”
“Australia is stronger than when we came to Government six years ago. Growth is higher. Unemployment is lower. There are fewer people on welfare. There are a record number of Australians with a job. School and hospital funding are at record levels.”
“So, tonight, I am pleased to announce a Budget surplus of $7.1 billion” (albeit a forecast surplus for 2019-20) …”a $55-billion turnaround on the deficit we inherited six years ago” … and “A total of $45 billion of surpluses over the next four years.”
So said Treasurer Josh Frydenberg, as he handed down his first Federal Budget on 2 April 2019, a Budget he said intended to focus on restoring the nation’s finances, create new jobs with a strong skills and infrastructure agenda, and guarantee schools, hospitals and aged care. And, as he frequently emphasised “all done without increasing taxes”.
The new Lease Accounting Standard – Will your organisation be affected?
Most organisations in Australia undertake some form of leasing arrangement and many of these lease arrangements have been classified as operating leases with no…
Single Touch Payroll for Micro or Small Employers
Background
STP, also known as ‘pay day reporting’, transmits employee tax and super information to the Australia Taxation Office (ATO) directly or through third party software providers after each pay run. STP reporting commenced on 1 July 2018 for employers with 20 or more employees, and there are around 45,000 businesses currently doing STP reporting under this regime.
Single Touch Payroll
Single Touch Payroll is a new process in the way employers will be reporting their employee’s tax and super information to the ATO.
STP is offered by some accounting or payroll software. Each time the payroll is run and employees are paid, tax and super information will be sent either directly to the ATO or through a third party, depending on the software. The information that will be reported to the ATO includes employees’ salaries and wages, allowances, deductions, pay as you go (PAYG) withholding and superannuation information. You can continue paying your employees weekly, fortnightly or monthly, you will not need to adjust your pay cycle.
What you didn’t know about The Budget…
With the announcement that the Federal Budget will be unveiled early, in April 2019 and deliver a federal surplus, can we assume that the economy is performing as well as the federal government would have us believe?
Announced in the midst of a tough week politically, Prime Minister Scott Morrison is hoping that the announcement of the surplus budget will alleviate some of the pressure on the Liberal party. While a Federal surplus budget looks great at face value and appears to show the ‘big picture’ of the economy, the influence of individual states and their budgets cannot be ignored.
Since the Australian economy exists as a common market between all 8 territories and states, any federal announcement, that focuses solely on the federal economy has the potential to mislead us and be conveniently used to shift our attention in times of political stress.
Thank you to our Secondee Francis Alita!
Francis Alita, a manager from Alas Oplas & Co (Philippines Office), joined a Business Services team at Walker Wayland NSW (Sydney Office) as a Secondee from mid-July through to mid-October 2018. Providing much needed help, Francis was involved in a variety of engagements and activities within the team.