Non-compliant payments to Workers no longer tax deductible From 1 July 2019, a business will only be able to claim a tax deduction for payments to workers (employees or contractors) where the business has complied with the pay as you go (PAYG) withholding and reporting obligations for that payment.
Director Penalty Notices (DPN’s) for GST (similar to those for PAYG and Super Guarantee (SGC) are set to come in from 1 October 2019. The new legislation is aimed at reducing phoenixing activity and gives the ATO substantial powers to make Directors personally liable for unpaid GST. If an entity fails to lodge a GST return the ATO can collect GST based on their own estimates.
With Single Touch Payroll now in full swing you may have been advised by your employer to setup a myGov account and link it to the ATO in order to obtain your Income Statement for 2019 (formerly known as PAYG Payment Summary).
To be eligible to claim a tax deduction for employee Superannuation Guarantee Contributions (SGC) for this financial year, your employee’s superannuation fund must have received and processed any payments made by you on or before 30 June 2019.
Single Touch Payroll (STP) starts from 1 July 2019 for all employers with 19 or less employees. Employers with 20 or more employees needed to start reporting from 1 July 2018, unless covered by a deferral.
The federal election has been called for May 18 and both major parties have outlined their superannuation and tax policies. With the federal election only weeks away many of our clients have been asking what the major political parties’ policies are that may impact their SMSF, individual taxation circumstances or personal investments.
The Australian Taxation Office (ATO) has provided clarification on whether or not compulsory superannuation is required to be paid on annual leave loading.
The new Minimum Financial Requirements (MRF) laws commenced on 1 January 2019 with the aim of ensuring that licensees in the building and construction industry are operating a financially sustainable business.
On 2 April 2019, the Treasurer, Mr Josh Frydenberg, delivered his first Federal Budget and the first Federal Budget of the Morrison Government. As the Morrison Government heads towards an election (yet to be announced but forecast for May 2019), the budget sets out their agenda for a future term in office with a focus on returning the budget to surplus while delivering income tax relief to low and middle income earners.