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.
Temporary exemptions from lodging your Business Activity Statement (BAS) online have now ended and the Australian Taxation Office (ATO) will no longer issue paper activity statements.
In March 2018, the Australian Labor Party (ALP) announced a policy to remove franking credit refunds. If the ALP wins the next federal election, and the policy passes both Houses of Parliament, the commencement date for these changes will likely be 1 July 2019.
Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more staff (substantial employers). The Bill to extend the STP reporting requirements to all employers, regardless of the number of employees, has now passed the Senate and will be Law.