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.
There have been a lot of changes over the last 12 months for SMSF’s and this will continue with the introduction of “Events Based Reporting”.
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.
From 1 September 2017 the rules are changing for anyone that charges a surcharge to customers who pay by card. Under the new rules the surcharge amount you charge cannot be more than the annual costs for processing your transactions.
Make sure that you maximise your tax refund by claiming all possible deductions for the year ended 30 June 2017.
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.
The ATO has recently released guidelines in relation to super funds with related party borrowings.
