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 to 30 June 2019.
GST
As of 1 July 2018, Low Value Goods GST applies to overseas sales of goods worth less than $1000 which have been sold to Australian consumers.
GST on new residential property developments and residential subdivisions will be collected differently from 1 July 2018. The vendor will no longer collect and remit GST on the purchase price of the residential premises.
Residential property vendors should contact Mark Somes about recent changes to their GST obligations.