LATEST NEWS

  • 2019 Budget – see comprehensive reports below. Now we have a new Government in place certain expectations in the budget will be debated and voted on. Expect a lot of changes in legislation this winter as foreshadowed by the 2019 Budget.
  • Single Touch Payroll (STP) is here and every employer is affected. If you do not have this in place please contact the office. Small Business Clients need to be ready by 30th September 2019. There is a lot involved and you may need to acquire new software. Further information is here.
  • Small Business Reforms – In Focus newsletter from ASIC is always worth a look. The August edition includes a Webinar aimed at Small Business Operators where a number of senior regulators are interviewed and present changes that occurring in their departments. I encourage clients to take an hour and watch the webinar and follow the links they refer to. If you employ staff it is a must. Follow this link and the webinar is on the bottom of the page. Click here
  • Superstream – This is now firmly established and all employers must pay their employees compulsory superannuation contributions via a clearing house. Please contact us if you are not doing this and we will advise you further.
  • There is a wealth of information on the ATO site at this link. Some service providers will need to charge a fee but there is a no fee option provided  by the tax office suitable for employers with less than 20 staff. The ATO answers your Superstream questions here.
  • 2020 Tax Tables have now been released effective from 1st July 2019. For most employees there is none or very minimal change in their weekly tax.  Please ensure you update employees details and pay the compulsory superannuation rate of 9.5%. Full list of tables here. 
  • Employees with HELP / HECS debt. From 1st July 2019 there have been changes to the income levels where a taxpayer will be required to pay additional tax towards a HELP or related debt. Further details are here.
  • Superannuation Caps Reforms –  From the 1st July 2017 the Concessional and Non Concessional superannuation caps were reduced. The current caps are on the ATO Website at this link. Seek advice before making any decisions.
  • Payroll is now a very complex thing for employers to get a grip on. You need to visit and read carefully the Fair Work Australia site, download and read the awards affecting your employees. The Australian Payroll Association is very helpful; you should consider joining. More information is here.
  • ASIC InFocus Newsletter – see here for the latest edition.
  • National Business names Register – ASIC Connect.  State Business names have now been brought under the one umbrella known as ASIC Connect. More information here
  • Helpful Business Videos relating to GST. The ATO has released some helful videos on Youtube. Take a look, particularly if you are new to GST and Business Activity Statements. Here
  • Director’s Penalties – company directors need to be aware of their obligations in regard to their company debts. Existing rules are fierce and proposed legislation will strengthen existing law, particularly relating to staff superannuation. Click here for more information.
  • Employee or Contractor – Every small business who pays contractors needs to read this. What are the rules, read these reports –workers with ABN’s – and written agreements
  • Employee or Contractor – the ATO has provided a new information page every employer should review. You can access it here
  • Small Business – The Cash and hidden economy. A new article from the Australian Tax Office. You can access it here.

TAXPAYERS RIGHTS AND OBLIGATION

2019 Federal Budget (May 2019) – useful summaries

Building & Construction Industry – New Reporting Rules

Employer Information – useful links

Software

Accounting software is changing. The days of purchasing a program that resides on your computer are virtually gone. The big players in the Small Business accounting software market now offer web based on line software for a monthly fee. Check these links for two popular providers.

NSW State Regulatory

Fair Work Australia

Finance

Government

Helpful Online Resources

Self Managed Superannuation Funds (SMSF)

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