Jason Daniels, Partner, Business Services, BDO The Australian Tax Office (ATO) has recently launched Single Touch Payroll Reporting (STPR) requirements that will be enforced from 1 July 2018. This will create significant changes for how businesses across the country report to and engage with regulators. Businesses with an employee head count of 20 or more will be […]
The Budget Savings (Omnibus) Bill 2016 received Royal Assent in September 2016 and the changes will streamline the way employers report some tax and superannuation information to the Australian Taxation Office (ATO). When employers pay their staff, the employees’ salary or wages and PAYG withholding amounts will be automatically reported to the ATO. Employers will […]
Did you miss the 30 June SuperStream deadline? The Australian Tax Office recognises that some small businesses needed extra time to get ready so they are supporting you by extending the deadline. You now have until 28 October 2016 to make the changes and be SuperStream ready. There are a number of options a small […]
There’s a lot of paperwork to complete when you hire new employees. The ATO have listened to you and developed a fillable TFN declaration form which is available on the ATO website. You no longer need to order the form and wait for it to be mailed to you. Just download it from the ATO […]
As an employer there is a lot of grey area when paying employees and whether paying in cash is legal. Surprisingly too many, employers who pay employees wages through cash is actually a legal practice in Australia, however, there are requirements that must be met. The term ‘cash-in-hand’ is however considered illegal as this phrase […]
In light of the recent election results, the Coalition is set to make dramatic changes to businesses engaging in wage fraud. With $20 million worth of funding, the Coalition is set to introduce a policy which will clamp down on wage fraud nationally, alongside new penalties which will be 10 times higher than the current […]
With tax time around the corner the Australian Tax Office wants you to make the most of small business tax concessions. What are the tax concessions? The ATO has a What’s new for small business page that keeps an up-to- date list of available tax concessions and eligibility requirements. This is a great resource to make sure […]
Business doesn’t stop on 30 June. There are no grace periods for getting some well-earned shut eye as the doors open back up and the online orders keep rolling in. Most businesses have tunnel vision at this tough time of year, however it’s important to keep the future in the forefront of your thoughts. The […]
There are only a few weeks remaining before small businesses must change the way they make their super contributions. Employers with 19 staff or less will need to be “Superstream” ready by the 30 June 2016 deadline. In order for employers to be compliant with Superstream standards, they will need to make their super contributions […]
Are you the owner of a small business? Did you know you could be eligible for tax concessions benefits? Concessions for small business include: • Instant tax write-off for each asset costing less than $20,000 for small businesses.• Accelerated depreciation for primary producers.• Immediate deduction of professional expenses for small business start-ups.• Tax offset of […]
The Australian Taxation Office (ATO) is transforming the way that they work in an attempt to give taxpayers, staff and stakeholders the best possible experience with tax and superannuation systems. A major driver for this transformation is the community’s growing expectations around government services being simpler, faster and easier to use. Digital services are evolving […]
Did you know that SuperStream is cutting the time small businesses spend on super administration by around 70%? With 2016 on the horizon, the Australian Taxation Office (ATO) is encouraging small businesses to cross SuperStream off their ‘to-do’ list ahead of the 30 June deadline and reduce time spent on super administration. With only two […]