Category Archives: Accounting

The current Coronavirus pandemic is affecting all aspects of our lives, NSW is currently home to the greatest number of confirmed cases, sitting at…

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Xero has partnered with the National Australia Bank (NAB) to provide a new product to help manage the way you pay suppliers. The new…

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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…

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What is MyGov & what is MyTax? MyGov is the internet portal that allows Australians to easily access government services including the ATO, Medicare…

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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,…

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Australia is facing one of the worst drought crises on record to hit Aussie farmers over the past few decades. With 98 per cent of NSW, over half of Queensland, accompanied with sections of Victoria, South Australia and Western Australia being drought stricken, the NSW Australian government has recognized the severity and on-going extent Australian Farmers are being affected by. To support farmers devastated by drought and its conditions, the NSW Government released an Emergency Drought Relief Package valued at $500 million on the 30 July 2018 to assist in deficiency management.

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.

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“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”.

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Most organisations in Australia undertake some form of leasing arrangement and many of these lease arrangements have been classified as operating leases with no…

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Following our recent article on 29 January 2019 about Single Touch Payroll (STP), Commissioner Chris Jordan has published a statement in regards to transition to Single Touch Payroll for 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.

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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. 

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10/19