by Peter S | Oct 9, 2020 | NBC News
1. Personal income tax changes 1.1 Changes to personal income tax rates The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e.,...
by Jess Kitchin | Mar 12, 2019 | Industry News
It’s time to get ready for Single Touch Payroll Originally published by ATO. Single Touch Payroll – Are you ready?? From 1 July 2019, there will be major changes in the way all employers report employee obligations to the Australian Taxation Office with the...
by Peter S | Feb 25, 2019 | NBC News
FINANCIAL REPORTING REQUIREMENTS QBCC LICENCE From 1 January 2019, the documents required to fulfil the QBCC licence financial reporting requirements changed. Are you ready? The main QBCC minimum financial reporting requirements changes 2019 are: Businesses with sales...
by Peter S | Jan 31, 2019 | NBC News
Fringe benefits tax definition Fringe benefits tax (FBT) is tax levied on employers based on the value of extra payments or benefits provided by employers to employees and their associates over and above wages and superannuation payments. The fringe benefits tax...
by Peter S | Aug 24, 2020 | NBC News
Hospitality Industry, Bars, Café, Restaurant taxes Accounting for Stock Most Small/Medium Enterprise(SME) businesses’ account for stock or inventory on a periodic basis. That is, they do a physical stock-take and record inventory levels and then generally value that...
by Peter S | May 12, 2020 | NBC News
HOW TO RECORD THE CASH-FLOW BOOST IN YOUR ACCOUNTING SYSTEM March BAS lodgements will see the first credits and/or cash received for the cash-flow stimulus measures legislated by the Federal Government in relation to COVID-19. These measures reduce the amount of...
by Peter S | Apr 3, 2020 | NBC News
The Commonwealth Government has announced it will provide a historic wage subsidy to around 6 million workers who will receive a flat payment of $1,500 per fortnight through their employer before tax. The $130 billion JobKeeper payment will help keep Australians in...
by Peter S | Mar 27, 2020 | NBC News
Government Stimulus Package A more detailed explanation of all of the stimulus packages can be found at https://treasury.gov.au/coronavirus/businesses What has been announced and affects most of our client base is as follows: 1. PAYG withholding reductions and...
by Peter S | Feb 4, 2020 | NBC News
When someone becomes bankrupt their ‘divisible’ property vests in their trustee bankruptcy. Divisible property is generally all the bankrupt’s assets, except for certain classes (i.e. non-divisible property) being household items, tools of trade, means of transport to...
by Peter S | Oct 14, 2019 | Estate planning, NBC News
Australian Estate Taxes – Background Death and Taxes Income tax rules as they apply to deceased Estates can be quite complex so we’ll try to run through them in an easily understandable manner below. When a person dies, their Will controls what happens to their...
by Peter S | Sep 19, 2019 | NBC News, tax
Business entertainment tax deduction Back in the late 80’s, the Government became all concerned about the Corporate Fat Cats dining-out and claiming tax deductions in the guise that this was related to marketing and “doing-business”. So, they shut it down. It’s now...
by Peter S | Aug 20, 2019 | Industry News
From 1 July 2017, the Tax Office introduced new laws limiting investors ability to claim depreciation on investment properties. The laws target ‘previously owned’ equipment (dryers, microwaves etc.), fixtures and fittings (curtains, carpets etc.). Under the new regime...
by Vicki Horton | Jul 4, 2019 | NBC News
Contributions Concessional (tax deductible) superannuation contributions can be claimed as a personal tax deduction or are tax deductable to the employer entity making the payment. Please note, the concessional contribution caps include any salary sacrifice amounts,...
