More Industries targeted under taxable payments reporting system (‘TPRS’)
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] More Industries targeted under taxable payments reporting system (‘TPRS’) The TPRS was introduced for the first time in the 2013 income year with respect to businesses in the building and construction industry, requiring the reporting of total payments made to contractors for building and construction services each year. The taxable payments annual report […]
Removing tax deductions for PAYG failure
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Removing tax deductions for PAYG failure The Government is currently considering removing tax deductions where businesses fail to comply with their PAYG withholding obligations for payments to employees and contractors from 1 July 2019. Specifically, deductions are proposed to be denied for these types of payments where the payer has failed to either: […]
Crowdfunding donations to help drought-affected farmers
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Crowdfunding donations to help drought-affected farmers Editor: The ATO is currently offering various support measures to individuals and businesses from drought-affected communities to help with managing their tax and super obligations or who are struggling with their mental health. It has also recently provided a summary of the potential tax impact of making […]
The Company Tax Rate Saga
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] The Company Tax Rate Saga In the last week of the August Parliamentary sittings, the controversial corporate tax cut plan for the big end of town (i.e., companies with an aggregated turnover of over $50 million) was defeated. In addition, long-awaited legislation impacting the company tax and franking rates for small to medium […]
Plan Ahead: Tip to Better Prepare for Tax Time 2019
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Plan Ahead: Tip to Better Prepare for Tax Time 2019 It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you […]