The Labor Government has announced changes to personal tax rates that will provide a tax cut for every Australian taxpayer commencing from 1 July 2024.
The Federal Government announced in the 2023–24 Mid-Year Economic and Fiscal Outlook (MYEFO) that amendments will be introduced to deny deductions for ATO interest charges, incurred on or after 1 July 2025.
The federal government has tabled draft legislation to change tax concessional treatment of very large super account balances from 1 July 2025. Individuals with over $3 million in super will be affected.
The ATO has finalised determinations under s 396-55(b)(2) and s 396-70(4) of the Tax Administration Act 1935 on reporting exemptions and exclusions for sharing economy platform operators.
Given the high risk of payroll tax audits across the medical and allied health industry, organisations must understand and adapt to the changing payroll tax landscape.
PCG 2022/1 allows a safe harbour for taxpayers to apply prior year non-commercial loses to reduce other assessable income, otherwise prevented by div 35 of ITAA 1997.
Wondering about the ATO agent nomination process? If you are an existing client, you may not need to do anything. If you are a new client we'll send you information about the steps required to link to us.
The ATO is warning businesses to engage with their tax and super obligations to avoid having their debts disclosed to credit reporting agencies (CRAs).
A lodgment reminder pilot program has been announced by the ATO, for 3,000 randomly selected employers - PAYG withholding amounts reported by them via STP will automatically become payable as at due date even if no activity statement is lodged.
Do you offer your employees benefits in addition to salary and wages? If so, you may need to report FBT. Fringe benefits can help employees reduce their taxable income but you need to take care of the admin. Get in contact to learn more.
Prepare now for finalising STP payroll data by 14 July. Book a time with us today to check essential employee information, verify the numbers and confirm payroll categories are linked to the correct reporting fields before lodging with the ATO.
As the end of the financial year approaches, the temporary full expensing rules will be coming to an end. Considering this, we explore the options that are now available for small and medium businesses to optimise their tax deductions.
As we move into the business end of tax planning for 2023, here is a list of key tax dates for April and May 2023. Be aware of your upcoming tax obligations here.
As of 1st Feb, Paid Family and Domestic Violence Leave is a paid leave entitlement for employees of larger employers, and from 1 Aug 23 for employees of small employers. Talk to us to plan for changes to payroll provisions and costs.
Welcome to 2023! To help you understand your tax obligations as you get back into the swing of things, here is a list of key tax dates for February and March 2023.
The new 'Secure Jobs, Better Pay' Bill 2022 brings major changes to employment laws. While most of the changes roll out over the next 6-12 months, some take effect now. Talk to us about reviewing your HR documents.