From 1st July 2014, employers with more than 20 employees are required to provide timely information about superannuation contributions they have made. SuperStream or Data and Payment Standards, is a new process requiring employers to pay their employees superannuation contributions using the government’s new data standards. In layman’s terms, it means all superannuation contributions need…
DetailsBusinesses should be aware of changes with the implementation of the Government’s proposed Single Touch Payroll. Under Single Touch Payroll, employers will be required to electronically report payroll and superannuation information to the ATO when employees are paid, using Standard Business Reporting-enabled software. According to the Government, Single Touch Payroll would cut red tape for…
DetailsCompany tax rate cut to offset Paid Parental Leave Levy The Government has reconfirmed its commitment to a reduction in the corporate tax rate in this year’s Federal Budget. However, the benefit of any rate reduction for many companies will be offset by the Government’s previously proposed Paid Parental Leave (PPL) Levy. The company tax…
DetailsThe ATO has reminded taxpayers who want to claim family assistance payments for the 2014 financial year that they must lodge a claim with the Department of Human Services (Centrelink) by 30 June 2015 to be eligible. This deadline applies to taxpayers who intend to lodge a claim for: Family Tax Benefit; Child Care Benefit;…
DetailsEditor: The government announced on 28 December 2014 that they intended to simplify tax and superannuation reporting obligations through ‘Single Touch Payroll’. Under Single Touch Payroll, employers will be required to electronically report payroll and super information to the ATO when employees are paid, using Standard Business Reporting (SBR) enabled software. In addition, Single Touch…
Details25 June 2014 The ATO is encouraging employers to prepare for the introduction of SuperStream which will change the way they make superannuation contributions in the future. In cooperation with their service provider or default fund, employers can opt-in to use SuperStream from as early as 1 July 2014. The ATO expects most large and…
DetailsThe Small Business Minister has announced changes to the pay as you go (PAYG) instalments entry and exit thresholds. These changes are part of the government’s cutting red tape initiatives. From 1 July 2014, PAYG instalment thresholds will increase, which may mean clients no longer need to pay instalments. The entry and exit thresholds for:…
DetailsStarting from 1 July 2014, the majority of taxpayers will receive a tax receipt as part of the annual income tax return process. This is a new government initiative to increase transparency on how and where the government spends taxpayer money. The tax receipt provides a breakdown of how the client’s tax has contributed towards…
DetailsIt often surprises people how much benefit they can get from being financially organised. Simply by evaluating their current financial setup and making changes where a deficiency exists or a better option is available can yield both immediate and longer term benefits. Some things are easy to change while others require a degree of initial…
DetailsClick the links below to read more at the ATO website Private health insurance rebate changes Net medical expenses tax offset phase-out Tax receipt Change of client name Personal contact details Electronic refunds Small business concessions – changes to simpler depreciation rules Preventing dividend washing Repeal of company loss carry back Changes to the SMSF…
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