written by:
Josh McMullen
The 2021 Federal Budget was handed down on Tuesday 11 May. Following is a summary of the headline measures. BUSINESS Temporary full expensing – this depreciation measure will be extended by one year to 30 June 2023 providing eligible businesses (those with an aggregated turnover of less than $5 billion) with more time to access this incentive. Full expensing assists cashflow by allowing eligible businesses to deduct the full cost…
written by:
Darren Hagarty
Circumstances will sometimes get in the way of your ability to pay a personal or business tax debt on time. If this is the case, it is vital to go on the front foot and put a payment arrangement in place with the ATO. For larger business debts, this is now more important than ever with new legislation allowing the ATO to disclose the business tax debt information of a…
written by:
Josh McMullen
In the biggest change to employer payroll reporting since the introduction of Activity Statements, all employers will very soon be required to comply with the new Single Touch Payroll (STP) regime. STP is a new Government initiative aimed at streamlining employer payroll reporting obligations. The STP regime revolutionises the way employers report payroll information to the ATO. In essence, STP is a new reporting mechanism whereby each time an employer…
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…
