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 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.
If your medical practice pays contractors, you could be caught by tax laws that deem some contractor payments the same as wages. Talk to us today for guidance on what to include and exclude so you don't get surprised by a state payroll tax audit.
The ATO released draft TR 2023/D2 which provides guidance on whether an asset that is made up of a number of parts or components (composite item) is itself a depreciating asset, or whether one or more of its components are separate depreciating assets.
Aiming to provide better retirement outcomes for employees, from 1 July 2026, employers will be required to pay their employees super at the same time as their salary and wages.
A bill proposing to increase the instant asset write off threshold in Div 328 of ITAA 1997 from $1,000 to $20,000 has been introduced in the Parliament and awaits approval.
A number of social security measures have been announced in the 2023 Federal budget to help Australians combat current inflation and cost of living expenses pressures.
The $450 threshold for super eligibility is removed from July 2022. This could impact payroll costs. If you rely on a pool of casual workers who earn less than $450 per month, talk to us. We can help you prepare for the increased cost.