Single Touch Payroll (STP) works by sending tax and super information from your payroll software to the ATO as you process each pay-run. Once set up, your payroll processing continues as normal, however the ATO will receive information on salaries, wages, PAYGW and super for your employees.
If you’re currently in ‘tax-planning’ mode, your accountant has likely mentioned ‘instant asset write-off’ to you. Accountants got a bit excited in early April when the asset threshold for this measure was increased to $30,000 as it extends the types of asset purchases clients can make and fully write-off in the current financial year.
Free cashflow is the lifeblood of business, not only is it a sign of profitability but also provides a resource to help you grow your business into the future. Free cashflow is what’s left after all your expenses – think rent, wages, finance repayments, taxes. Having enough free cashflow in your business eliminates one of the most common business owner headaches – and taking control is not so difficult – it just requires a little planning, enlightenment and system changes.
If you’re always looking backwards, you’ll never see what’s coming.
Start looking forward – live accounting combined with predictive forecasting is the answer to see into your business’ future.
It’s no secret that cash flow is the life-blood of any business. Discover simple ways to generate more cash flow into your business quickly.
Every year, after the March quarter ends we commence tax planning with our clients. Whilst most accountants offer this service, there are a few things you can do within your business to help the process along or consider prior to speaking with your accountant.
The commencement date for Single Touch Payroll (STP) is fast approaching, so what is it and what do you need to do to prepare?
To keep things interesting the Fringe Benefits Tax (FBT) year ends on 31 March each year with returns due in May. If you’ve provided benefits to employees (including yourself) then you will need to act to ensure you comply with the FBT rules.
Whilst we were all enjoying the Christmas break, the passing of the downsizer superannuation contribution (DSC) legislation occurred. So what is this additional form of contribution and what are the specific criteria that is required to be met?
You may remember as part of the 17/18 Budget the Federal Government announced changes to how GST collected on ‘New Residential Property’ would be passed onto the ATO. Well the exposure draft of the legislation has been released so we now have some more details on the changes the government is looking to make.
