As we approach 30 June 2018 now is the time to make sure that your business is prepared for the end of the financial year and to make sure that you take advantage of any tax planning opportunities.

In our January Blog we discussed the introduction of Single Touch Payroll (STP) and what this could potentially mean for your business.

Single Touch Payroll (STP) is a change to reporting for employers. Employers will be required to report payments to employees directly from their accounting/payroll software to the Australian Tax Office (ATO).

With Christmas just around the corner, many Business owners start thinking about ways to thank their employee’s for their hard work during the year.

On Tuesday 12th of September 2017, Federal Parliament passed Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017.

We have once again reached Tax Time and the ATO has released a ‘Hit List’ outlining its compliance target areas for this year.

As a result of the reduction to the Company Tax Rate to 27.5% for Small Businesses in the 2017 Financial year, the ATO has advised that dividends will only be able to be franked at 27.5% rather than 30%. 

The Government has sealed a deal with Senate cross benchers to pass the small business and company tax reforms proposed in the 2016/17 Federal Budget, with some amendment.