ASIC announce extension for unlisted entity financial reports due to COVID-19
In further measures to ease pressure on businesses struggling due to COVID-19, ASIC have granted additional time for unlisted entity financial reporting and will…
New to working from home thanks to COVID-19? The ATO has announced an easier way to claim when tax time comes around
As the COVID19 pandemic continues to change the day to day running of our lives – many more Australians will find themselves working from…
COVID-19 Rental Relief: Mandatory industry code for commercial and retail leases
Through the tumultuous challenges that COVID19 pandemic has brought along with it – one major burden facing businesses who have faced extreme economic downturn…
Third Federal Government Stimulus package announced: Businesses to receive wage subsidies to keep their employees.
In the midst of the unfolding COVID-19 pandemic – the government has announced not one, two but three economic stimulus packages to attempt to…
RBA cuts Interest Rates again for the third time since June 2019
On Tuesday, 1 October 2019, it was announced by the Reserve Bank of Australia (RBA) that the official interest rate will drop by a…
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…
Income Tax Offsets – What am I eligible for now?
Due to the 2019 Act receiving Royal Assent on 5 July 2019, there has been a positive modification to the Governments previously legislated Personal…
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.
Government amends the start date of proposed small business CGT concessions measure
The government will amend the start date of their proposed small business CGT concessions measure. In amendments to the bill on 21 June 2018, the government has decided to push the start date back to 8 February 2018, the date the draft legislation was released for consultation. This will provide a transition period between announcement and the date of effect, a change that is also expected to bring welcome relief to tax advisers and their clients.
NSW Budget 2018/19
The New South Wales Treasurer, Mr Dominic Perrottet, handed down the NSW Budget for 2018/19 on 19 June 2018. The only tax-related measure announced in the Budget was an increase in the tax-free threshold for payroll tax from its current level of $750,000 to $1 million.