With the end of financial year fast approaching, it is important to have an overview of key aspects of the super guarantee contribution rules and also stay up to date with the ever changing rules. Super guarantee contributions The amount paid is set at a percentage of each employee’s Ordinary Time Earnings (OTE). The Australian [...]
Changes to director penalty notices – personal liability for company superannuation debts What is a director’s penalty notice and what happened prior to 31 March 2019? A Directors Penalty Notice (DPN) is a notice that the ATO can issue to a director to recover unpaid superannuation and PAYG withholding amounts from a director personally. The [...]
Last week saw the Government bring down the budget which was conspicuously light on significant tax changes. Shortly after we saw the Opposition’s response and this year we listened with keen interest as it provides the small business community insight into the environment that may lie ahead depending on the election outcome. This article [...]
The recent Federal Court decision in Harding v FC of T [2018] FCA 837 provides some clarity on the tax residency of individuals and sheds some light on the uncertain area of law. The case examined residency according to ordinary concepts and domicile test in regards to Mr Harding's circumstances, and the courts have [...]
The building and construction industry has always been one of the most heavily scrutinised and regulated industries, with 2019 shaping up to be a year re-enforcing this view, with new reforms from the QBCC commencing 1 January 2019. Author Michael Kerwin Why the need for change: We will [...]
Why is recordkeeping necessary? The Australian taxation system is based on taxpayers self-assessing their tax lodgements. Each taxpayer is responsible for determining the income they need to declare and what expenses are deductible. Taxpayers need to maintain adequate records and must be able to substantiate these if requested by the ATO. Author [...]
It appears as though scammers are doing the rounds again, pretending to be the ATO and telling victims they have committed fraud against the tax office. Receiving these types of phone calls can be quite upsetting and stressful, however our advice is that you should hang up and ignore it. Author Rhiane Sherriff [...]
Single Touch Payroll (STP) was introduced from 1 July 2018 for businesses with 20 or more employees. On 5 December 2018 the senate passed the Bill which extends STP to employers with 19 or fewer employees from 1 July 2019. Author Claire Roberts So what does this mean [...]
What is Happening? In recent weeks we have had first-hand experience with the ATO taking a much more aggressive approach to contractors with outstanding tax lodgements. This has been possible principally due to the use of the Taxable Payments Annual Report (TPAR). Author: Tom Aitkenhead TPAR is a report that those in [...]
As of the 28th of September 2018, Xero will be changing the pricing of their subscriptions for all existing and new subscribers. These changes will be from Premium 5 to Premium 100 and will include additional features and improvements in payroll. If you are currently on the Starter or [...]
