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Australian Federal Budget 2021-22

The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn),...
Payment Summaries and STP

Payment Summaries and STP

The introduction of Single Touch Payroll (STP) has changed the year end processes for both employers and employees. Payment Summaries (or Group Certificates) are now a thing of the past, with income statements replacing these. Here’s what it means for both employers...

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...

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...

Tax Planning Starts Now

There’s four key things that all business owners MUST consider RIGHT NOW. Two of them are brilliant wealth creation ideas. Please read on! 30 June is only 8 weeks away so we need to make the most of the time we have for tax planning. Too often, we end up suffering...

Key items that means $ in your pocket

How would you like to legally reduce your tax by $500 or $1,000 or $5,000 or more? Here's how to do it: The Strategy behind Tax Planning The tax you pay depends on your taxable income (all assessable income less allowable tax deductions), and the tax rates that apply...

Debt Optimisation

Pay off your home loan sooner, minimise bad debt and maximize your tax deductions for investments. Debt optimisation (sometimes referred to as “Debt Recycling”) is a financial strategy which creates wealth over time and improves an individual’s debt structure....

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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