Tax Tips For Business Owners
| | | The ATO has now updated the tax withholding schedules to reflect the 2020/21 income year personal tax cuts – the updated schedules are available at ato.gov.au/taxtables. The ATO has said that employers now need to make adjustments in their payroll processes and systems in order for the tax cuts to be […]
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| | | The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure passage of legislation containing some of the important measures very shortly afterwards, as summarised below. The Government brought forward ‘Stage two’ of their Personal Income Tax Plan by two years, so […]
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| | | Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee (‘SG’) have continued to be tossed around! The SG is the compulsory amount of superannuation an employer must pay into an eligible employee’s chosen super fund. The rate of SG has been frozen at 9.5% of an employee’s […]
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| | | Treasury Laws Amendment (2020 Measures No 3) Bill 2020 has passed both Houses of Parliament and is now law. Extending the Instant Asset Write-Off This legislation amends the income tax law to allow a business with an aggregated turnover for the income year of less than $500 million to immediately deduct […]
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| | | On 6 March 2020, the government introduced a superannuation guarantee (‘SG’) amnesty. This amnesty allows employers to disclose and pay previously unpaid super guarantee charge (‘SGC’), including nominal interest, that they owe their employees, for quarter(s) starting from 1 July 1992 to 31 March 2018, without incurring the administration component ($20 […]
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| | | The government recently passed new legislation designed to strengthen laws to “crack down on illegal phoenixing activity by dodgy business operators who try to avoid their obligations to their customers, employees and creditors.” In particular, the changes allow the ATO to collect estimates of anticipated GST liabilities, and make company directors […]
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