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Payment Summaries and STP

The introduction of Single Touch Payroll (STP) has changed the year end processes for both...

1 July 2014 Federal Budget Recap

Individuals Temporary Budget Repair Levy. Adds 2% to the tax rate for every dollar of a taxpayer’s annual taxable income over $180,000 Increase in the Medicare Levy from 1.5% to 2% Superannuation Guarantee charge increases from 9.25% to 9.5%. Aged care reforms...

Employers paying Superannuation Guarantee

Employers can expect a renewed focus from the ATO on superannuation guarantee (SG) payments made to employees. With the SG rate increasing from 9.25% to 9.5% on 1 July 2014, employers will need to make sure that payments are made on time and that the calculations are...

Are your contractors really employees?

The ATO continues to enjoy a high success rate challenging the treatment of contractors under the superannuation guarantee (SG) legislation. Despite recent comments made by the Government that the ATO should ‘relax’ its approach to contractors, the ATO has no reason...

Directors personally liable for employee’s super

Directors are now personally liable for unpaid superannuation guarantee charge (SGC) payments to staff. While initially designed to prevent phoenix company activity, the new laws that applied from 1 July 2012, extend well beyond phoenix company activity (whereby the...

Reporting of Employee Payment Summaries

Each year, employers must provide Employee Payment Summaries to Employee by 14 July and also send an Annual Payment Summary Annual Report to the ATO. In the past, employers have been able to lodge their annual report using disks or flash drives. The ATO are closing...

If you have a Family Trust you need to read this

Trust Distributions Resolutions needed BEFORE 30th of June, 2014 - or pay up to 46.5% tax. If you have a Family Trust (also known as a Discretionary Trust) YOU NEED TO READ THIS! From the 2011/12 financial year, Trustees who distribute the income of a Trust through a...

Building & Construction – Industry Annual Reports

The ATO is sending out letters this month to building and construction industry businesses, reminding them that the 2013/2014 Taxable payments annual report is due by 21 July 2014. Businesses affected are those that: Are primarily in the building and construction...

ATO Amnesty – Declare Foreign Income Now

On 27 March 2014, the ATO announced “Project DO IT: disclose offshore income today”, focussed on taxpayers who earn income from overseas sources and have foreign assets. As part of this project the ATO will provide an opportunity for taxpayers to make voluntary...

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