ATO Position on Superannuation and Annual Leave Loading
The Australian Taxation Office (ATO) has provided clarification on whether or not compulsory superannuation is required to be paid on annual leave loading.
Insights.
QBCC: Changes to Minimum Financial Reporting Requirements
The new Minimum Financial Requirements (MRF) laws commenced on 1 January 2019 with the aim of ensuring that licensees in the building and construction industry are operating a financially sustainable business.
2019/2020 Federal Budget Highlights
On 2 April 2019, the Treasurer, Mr Josh Frydenberg, delivered his first Federal Budget and the first Federal Budget of the Morrison Government. As the Morrison Government heads towards an election (yet to be announced but forecast for May 2019), the budget sets out their agenda for a future term in office with a focus…
Monthly Paper Activity Statements No Longer Issued
Temporary exemptions from lodging your Business Activity Statement (BAS) online have now ended and the Australian Taxation Office (ATO) will no longer issue paper activity statements.
Update on the ALP’s Franking Credit Policy
In March 2018, the Australian Labor Party (ALP) announced a policy to remove franking credit refunds. If the ALP wins the next federal election, and the policy passes both Houses of Parliament, the commencement date for these changes will likely be 1 July 2019.
Single Touch Payroll Rollout to all Employers
Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more staff (substantial employers). The Bill to extend the STP reporting requirements to all employers, regardless of the number of employees, has now passed the Senate and will be Law.
Instant Asset Write-Off for Small Business Extended and Increased
Legislation was passed on 4 April 2019 to increase the threshold of the small business Instant Asset Write-Off scheme from $20,000 to $30,000 and extend eligibility to medium-sized businesses with a turnover of up to $50 million (previously $10 million). The scheme is also now legislated to continue through to 30 June 2020.
Earning Accommodation Income From the Sharing Economy?
Christmas is almost here and for Airbnb hosts this signals an opportunity to earn some extra cash. While online marketplaces like Airbnb may be a smart way to make use of idle assets, it’s important to know what this extra income means for your tax position.
Cryptocurrency: Tax and Record Keeping Considerations
Do you currently hold or are you considering investing in cryptocurrency? While cryptocurrencies have attracted the attention of investors and traders, they have also caught the attention of the Australian Taxation Office (ATO) who are monitoring this area with high level of interest.
How Cyber Secure is Your Business?
Technology is central to Australia’s economic growth. While it brings significant opportunity for growth and efficiency, it also poses challenges for businesses to keep safe from cyber threats.