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Single Touch Payroll

Posted by Brad Callaughan on June 26, 2018

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ARE YOU READY !! From the 01 July 2018 all businesses that employ over 20 staff will need to report through STP. This will be achieved through your current software provider. You need to check with them to make sure they are ready and have STP available to you. If not they will need to...

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ATO scrutinising car claims this tax time

Posted by Brad Callaughan on June 19, 2018

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ATO scrutinising car claims this tax time The ATO has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work related expenses. Assistant Commissioner Kath Anderson said: “We are particularly concerned about taxpayers claiming for things they are not entitled to, like...

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Tax Planning

Posted by Brad Callaughan on June 15, 2018

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The end of the fiscal year is screaming up so I thought I would put some ideas down to help you reduce your tax. Please be mindful that not all of these maybe relevant to you and that you should only do these if cash flow allows.  FOR EMPLOYEES  Maximise your super contributions. You can...

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Inactive ABNs will be cancelled by the ATO

Posted by Brad Callaughan on April 25, 2018

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The ATO has recently advised that, in an effort to maintain accurate data, the Australian Business Register (or ‘ABR’) periodically checks its records for Australian Business Numbers (‘ABNs’) and automatically cancels those that appear inactive. Ultimately, a taxpayer’s ABN may be cancelled if they: have told the ATO they stopped their business activity; declared no...

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New superannuation rates and thresholds released

Posted by Brad Callaughan on April 18, 2018

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The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000. The CGT cap amount will be $1,480,000. The Division 293 tax threshold will be $250,000. The maximum super...

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