SMALL BUSINESS Small business tax rate cut to 28.5%; tax discount for unincorporated small businesses Small business asset accelerated depreciation write-off up to $20,000 per year Two company tax rates – some implications to consider Immediate deductibility for professional expenses re start-ups CGT roll-over relief for change to entity structure No FBT on work-related electronic…
DetailsEditor: The ATO has set up a new page on its website called “Building confidence”, which talks about its current compliance activities, and the amounts of tax and penalties it has collected in 2014 from its various initiatives. Some of the areas that the ATO has stated it will be focusing on are: Work-related expenses:…
DetailsThe ATO has reminded taxpayers that the net medical expenses tax offset (NMETO) is being phased out. To be eligible for the NMETO for 2014/15, a taxpayer must have received an amount of the tax offset in both of their 2012/13 and 2013/14 income tax assessments. If a taxpayer’s 2012/13 notice of assessment shows an…
DetailsThe ATO has identified employers in the following industries as having a higher risk of not meeting their super obligations: child care services; building and industrial cleaning; pubs, bars and taverns. The ATO is currently running an education campaign for business owners in these industries to help them better understand their super obligations. It will…
DetailsFrom 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…
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