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Category Archive - Business Tax

Get Ready for Single Touch Payroll

written by:
Darren Hagarty


Single Touch Payroll (STP) starts from 1 July 2018 for employers with 20 or more employees and will be expanded to include employers with 19 or less employees from 1 July 2019. STP is a reporting change for employers. Essentially, STP requires that each time an employer pays their employees, they will have to instantly report to the Tax Office information such as the salaries and wages, pay as you go (PAYG) withholding and superannuation. The information will need to be…

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Buying or Selling Property? Beware of the Capital Gains Tax Withholding Rules

written by:
Darren Hagarty


If you are buying or selling real estate situated in Australia for $750,000 or more, it is important to be aware of the the Capital Gains Tax Withholding rules. With effect from 1 July 2017, for any real estate transactions of $750,000 or above, the vendor must provide to the purchaser, prior to settlement, a  “clearance certificate” obtained from the ATO. Without this, the purchaser is required to withhold 12.5% of the…

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forklift

Small Business Tax Concessions

written by:
Josh McMullen


On 9 May, the Government passed through Parliament legislation to assist small to medium businesses. While business tax cuts were the headline measure, included in the changes was an increase to the Small Business Entity (SBE) turnover threshold. Backdated to 1 July 2016, the SBE turnover threshold has been increased from $2 million to $10 million (including the turnover of any connected entities and affiliates). Treasury estimates that this will…

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Time to Make Trust Resolutions

written by:
Darren Hagarty


Discretionary Trusts (sometimes referred to as Family Trusts) are a popular structure used by many of our clients. An important annual task when operating a discretionary trust is to prepare a Trustee Resolution to describe the manner in which the net income of the trust will be distributed to beneficiaries. To be effective for income tax purposes, the Australian Taxation Office (ATO) require that resolutions be made by 30 June…

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Superannuation Changes – Is It Time to Act?

written by:
Kellie Powell


The Government’s superannuation changes take effect from 1 July 2017 and represent the biggest shake-up to the superannuation system in the past 10 years. The changes mean there is a last chance opportunity to act before 30 June 2017 to maximise superannuation contributions before the new legislation takes effect. Following we take a look at the changes to the super contributions caps that may impact you. NO MORE NON-CONCESSIONAL CONTRIBUTIONS…

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Federal Budget 2017 – What You Need To Know

written by:
Josh McMullen


The 2017 Federal Budget was handed down on Tuesday 9 May. Following is a brief summary of some of the headline measures. If you have any question on how these measures may impact you or your business, contact your PT Partners Advisor on (07) 3808 4499. SMALL BUSINESS Instant Asset Write-Off – The $20,000 instant asset write-off will be extended by 12 months to 30 June 2018, for businesses with an aggregated…

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