There have been several stories in the media recently concerning scanned operators ringing up people saying that they are the tax office and that unless they provide information they will be arrested. Firstly, the tax office never threatens anybody with arrest on the phone. Secondly, never provide anybody with any of your taxation or financial information over the phone – … Read More
Superannuation – New Reporting Regime for SMSF’s
SMSFs must now report event that affect their members’ transfer balance accounts. Events such as receiving a pension from the fund are included. The timing of such reporting depends upon the total superannuation balance of all members of the SMSF. SMSFs with a total member superannuation balance of less the $1 million may report at the same time as lodging … Read More
Tax Tips for Small Business
Payroll As of 1 July 2018, business with at least 20 employees must use standard business reporting-enable software to report employee payments such as wages, PAYG and super. Single touch payroll will need to be utilised from 1 July 2019 for all businesses with less than 20 employees. Asset Write-Off The $20,000 Small Business Instant Asset Write-Off has been extended … Read More
Small Business News
Superannuation Guarantee Amnesty Although this Amnesty has not yet been passed into law it is wise to look into it. If and when it passes, this Amnesty will apply to employers who have either missed a SG payment or have not paid employees’ superannuation on time. What the Amnesty will do is provide employers with a one-off opportunity to correct … Read More