Getting Ready for Single Touch PayrollEffective 1 July 2019, ALL employers will be required to report their payroll activity with each pay day to the
ATO digitally. This has already been in place since 1 July 2018 for larger employers. In addition to providing real-time reporting to the ATO, Single Touch Payroll (“STP”) will eliminate the need for employers to produce PAYG Payment Summaries and annual summaries.
Giving Employees Shares and Options in Start Up Companies
Under this concession ‘start-up’ companies can give shares or options to employees and the employee is only taxed when the shares are eventually sold for a profit.
Christmas Functions – Making Sure Tax Doesn’t Ruin the Party
With the festive season almost upon us, many of us are now planning the annual Christmas parties and gifts. However, the ATO can add a nasty tax surprise to your Christmas party and gifts if not structured correctly.
Don’t Let Tax Take the Fun out of your Entertainment
Providing entertainment to our clients and staff is often considered a key part of doing business. However, providing entertainment is usually not considered deductible and can potentially bring with it unintended Fringe Benefits Tax costs. The key is to plan your entertainment to maximize any tax benefits available.
Moving your MYOB to the Cloud – An Inevitable Evolution
Are you currently using the desktop version of MYOB? Did you know that from 1 July 2019, MYOB will no longer be supporting this product? This means that you will be required to move over to the cloud based version of MYOB.
What are my Responsibility as a Company Director
A director’s main role is to manage the business affairs of a company. This important role brings with it not only numerous rewards, but also a number of responsibilities under the Corporation’s Act. If not met, then directors may face significant penalties and in extreme cases, jail time. A summary of these responsibilities are provided below.
Taxable Payments Annual Report – What are the Tax Obligations?
Do you operate or are you involved in the building and construction, cleaning, courier, security, road freight or computer industry? The Taxable payments annual report tells the Australian Taxation Office (ATO) about payments you have made to contractors for providing services. Contractors include subcontractors, consultants and independent contractors. There is a common misconception that contractors are suppliers and do not need to be reported. The reality is that there may be penalties associated with not declaring payments made to a contractor for services provided.
Private Ancillary Funds – Leaving a Legacy with Tax Benefits
Are you looking for a tax effective way to both leave a legacy and help with your estate planning? If so, then a Private Ancillary Fund (“PAF”) may be for you. A PAF is a form of charitable trust designed specifically for private individuals and family groups who wish to establish and pursue a philanthropic program.
Strata Companies – What are the Tax Obligations?
Do you operate or are you involved in the management of a strata company? A Strata company is a body corporation made up of all the owners in a strata scheme. It is responsible for maintaining and repairing common property and managing the finances of the strata scheme. There is a common misconception that strata companies do not have any tax obligations. The reality is that there may be GST and/or income tax obligations associated with operating a Strata company.