What is Single Touch Payroll (STP)? STP will require you to have your payroll transaction data transferred to the ATO each time your employees are paid. Your payroll software solution or reporting system must be STP Compliant, so that each pay cycle you can report the following items to the ATO: each employee’s name and tax file number (TFN) gross amount paid tax withheld any superannuation guarantee obligations. What do you need to do? Our advice is to become STP ready now s
2019-20 Federal Budget The 2019-20 Federal Budget will be handed down on 2 April 2019. Keep an eye out for our update! Single touch payroll extended to all employers From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts. Employers with 20 or more empl
What would happen if…. Life does not always go to plan. While we logically know that, most of us don’t plan for the worst - it’s all a bit morbid and time consuming. The downside of not planning is the potential for hard earned assets to be squandered, family fall-outs, and money handed to the Government that could have been distributed in accord with your wishes. If you are a business owner, then the stakes are even higher. As a population, planning is more important than ev
Accelerated tax rate reduction for small business Small business is still a vote winner with the Government and Opposition teaming up to accelerate tax cuts for the sector by 5 years impacting on an estimated 3.3 million businesses. Parliament recently passed legislation to accelerate the corporate tax rate reduction for corporate tax entities that are base rate entities (BREs). Under the new rules: A 26% rate will apply to BREs for the year ending 30 June 2021, and A 25% rat
Working from home: What deductions can you claim? For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses. We guide you through what you can and can’t claim if you work from home. Last financial year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’ which includes expenses
190,000 taxpayers 'examined' in ATO online rental blitz. The Australian Taxation Office (ATO) has announced a new data-matching program targeting taxpayers earning income from the exploding popularity of short-term rentals available on platforms like AirBNB and Stayz. Utilising information from online platform sharing sites matched to information from financial institutions, the ATO is targeting 190,000 individuals to make sure they have not failed to declare or under declare
Clothing deductions hung out to dry. The Australian Taxation Office is closely examining work-related clothing and laundry expense claims of taxpayers submitting their 2017-18 tax returns.
The ATO says that clothing claims are up nearly 20% over the last five years with people either making mistakes or deliberately over-claiming. Common mistakes include people claiming ineligible clothing, claiming for something without having spent the money, and not being able to explain
With the end of financial year fast approaching here are our three quick small business tax tips for 2018.With the end of financial year fast approaching here are our three quick small business tax tips for 2018. Maximise depreciation deductions. Small business with an aggregated annual turnover of less than $10 million can still get an immediate tax deduction for nearly all individual assets purchased by 30 June 2018 that cost less than $20,000. Such assets must be used by t
We are extremely excited to announce that Boutique Accounting House is expanding!
Not only are we continuing to give you the best accounting support and advice, we are now offering a lending arm through the Boutique Lending House. T h e o n e r o o f. We have said it many times before... we are committed to offering our clients every opportunity to grow their financial position and reach their goals. The addition of the Lending House allows us to look after all your financ
The team at Boutique Accounting House are excited about a new tax year about to roll around! The last twelve months have flown by so we want to reach out and make sure you are ready for this financial year. 5 quick tax tips for 2017! 1. Maximise motor vehicle deductions If you use your motor vehicle for work-related travel, there are only two choices for how you can claim.
If the annual travel claim does not exceed 5000 kilometres, you can claim a deduction for your vehicl