Taxation
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The ATO introduced a number of legislative changes last year that will impact many small business. Here is a quick summary of the areas that may affect your business or your clients. Payments to contractors The Taxable Payment reporting system has been extended. Originally applicable to the building and construction industry, it now includes businesses […]
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Important dates not to be missed. BAS Reconciliation and Common Issues All businesses registered for GST must lodge their Business Activity Statement (BAS) by 28 July 2019. If you have made quarterly BAS lodgements, this final lodgement should be easier and quicker to reconcile. However, make sure you take the following steps to avoid common […]
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Legislation passed at the start of this month, regarding the instant asset write-off for small and medium sized businesses with a turn-over of less than $50million. There are now three tiers of threshold that bookkeepers, accountants and tax agents need to be aware of for this financial year and next. Thresholds […]
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Last month it was legislated that Single Touch Payroll (STP) will be extended to employers with 19 or fewer employees, starting from 1 July 2019. This means that no longer will any business be reporting their payroll activity once a year to the ATO, instead every business in Australia will need to send a report […]
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The opposition is proposing a hefty increase in penalties for those found marketing tax avoidance schemes, should they win the next election. In recent years the Australian Taxation Office has begun a crackdown on accountants and lawyers who are found to promote tax avoidance schemes to their clients. Corporate entities can face fines of up […]
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Generally, you must apply to renew your registration at least 30 days before it expires. You will remain registered until we make a decision on your application. If approved, your registration period will be renewed for at least three years. Full details of the can be found on the Tax Practitioners Board Website. Applied […]
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