News

If you’ve paid a tradie or other contractor for building and construction services in the past year, you might need to lodge a Taxable payments annual report (TPAR) by 28 August. You need to lodge a TPAR if you pay contractors for building and construction services and: you earn 50% or more of your business income...

On 6 March 2020, the government introduced a super guarantee (SG) amnesty (the amnesty). The amnesty allows employers to disclose and pay previously unpaid super guarantee charge (SGC), including nominal interest, they owe their employees, for quarter(s) starting from 1 July 1992 to 31 March 2018. Eligible disclosures will not incur the administration component ($20 per employee...

What it means for you The Federal Government’s 2019-20 Budget, was released by Treasurer Josh Frydenberg on Tuesday 2 April 2019 and we take this opportunity  to provide our commentary to help you analyse some of the more relevant announcements that may impact you. This year’s Budget was particularly interesting in that it sets out...

If you held properties in NSW at 31 December 2018 other than your main residence, you may be required to register for land by 31 March 2019. If the value of the land attached to your NSW properties is valued above $692,000 at 31 December 2018, you will be required to pay Land Tax at...

The ATO has implemented Single Touch Payroll with the aim of streamlining payroll reporting for employers. Employers with a headcount of 20 or more as at 1 July 2018 were required to have started reporting to the ATO through Single Touch Payroll. For employers with a headcount of 19 or less, Single Touch Payroll Reporting...

The Treasury Laws Amendment Bill 2018 has now been passed through Parliament extending access to the small business instant asset write-off for assets purchased costing less than $20,000. The extension of the increased threshold is until 30 June 2019. From 1 July 2019, the instant asset write-off threshold will revert back to $1,000. For the...

MYOB has announced that it will discontinue its support services to all MYOB Desktop based applications from 30 September 2019. This discontinuation will include general software support services and also compliance updates for those applications. Accordingly from now, MYOB will only support customers on its online cloud based solutions. If you are currently using the MYOB Desktop software or no accounting software...

On 23 August 2018, the Treasury Laws Amendment Bill 2017 (Enterprise Tax Plan Base Rate Entities) was passed; providing clarity on which companies are eligible for the lower company tax rate. To be eligible for the lower tax rates in 2017-18 financial year, the company must have aggregate turnover of less than $25 million (2018-19...

The Government has secured enough support from the cross-bench senators to enable passage of the Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018. Under the Bill (which must now receive Royal Assent), the following changes will be made to personal tax rates: From 1 July 2018, the income threshold for the 32.5% tax rate will increase from $87,000...

From November 2018, all trading names, including the trading name listed using your Australian Business Number (ABN), will be removed from the ABN Lookup. Only registered business names will continue to be listed on the ABN Lookup. Trading names will no longer be legally valid. If you require your trading name you will need to...