$2.3 billion NSW COVID-19 Stimulus Package: What is the NSW Government doing to help Aussie businesses?
The current Coronavirus pandemic is affecting all aspects of our lives, NSW is currently home to the greatest number of confirmed cases, sitting at…
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…
What is MyGov & what is MyTax? MyGov is the internet portal that allows Australians to easily access government services including the ATO, Medicare…
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.
“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”.
Most organisations in Australia undertake some form of leasing arrangement and many of these lease arrangements have been classified as operating leases with no…
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 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.