Businesses 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…
Editor: 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…
25 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…
The 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:…
It 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…
The summary of the Federal Budget 2014 was delivered last night. PERSONAL TAXATION 1) 2% deficit levy for three years from 1 July 2014 on incomes over $180,000 The Treasurer announced the introduction of a Budget deficit levy (ie tax), which will apply for three years from 1 July 2014. This temporary levy will apply…
As an employer, you must pay your employees at the correct rate, as well as any entitlements they are eligible for. This includes parental leave, sick leave or overtime rates. The wages and entitlements your employee is eligible for can depend on: their age the state they’re in your industry their qualifications their work duties…
[box style=”solid”] Some businesses are breaking the law by incorrectly treating their employees as contractors and avoiding their required tax and super obligations. By incorrectly treating their employees as contractors, these businesses illegally reduce their labour costs, allowing them to undercut compliant businesses and obtain an unfair competitive advantage. Often these businesses will request or…
[box style=”solid”] Each income year, a self-managed super fund (SMSF) trustee must appoint an independent approved SMSF auditor to perform a financial and compliance audit of their SMSF’s operations before they lodge their SMSF annual return. Your clients should check with the auditor they intend to appoint to make sure they are registered with the…
ASIC is targeting company directors with a history of failed companies as part of a surveillance program to combat illegal phoenix activity. Phoenix activity is the fraudulent act of transferring the assets of an indebted company into a new company to avoid paying creditors, tax or employee entitlements. The new company, usually operated by the…