For many businesses, the two major costs they experience are: Cost of Sales and Wages. Understanding how each of these main costs impact your business means that you can make better decisions to move your business to the next level.
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.
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.
Find out what the 2017/18 Federal Budget means for Individuals, Families and Investors.
Find out what the 2017/18 Federal Budget means for Superannuation and SMSFs
We explore what the 2017/18 Federal Budget means for small business.
As a business owner you have a number of responsibilities to various Government Organisations and also to the public. You are bound by laws from local, state and federal levels as well as organisational bodies. In this blog we will cover your main obligations to the Australian Taxation Office (ATO) and Australian Securities and Investment Commission (ASIC) for a business owner and specifically a Director of a company.
