Snapshot of the ALP Key Tax Policies
Single Touch Payroll
Single Touch Payroll (STP) is changing the way employers report their tax and super information to the ATO. If you have payroll software, all you'll need to do is update it once it has been 'single touch payroll' enabled.
You will then begin reporting the following:
- payments to employees such as salary and wages
- pay as you go (PAYG) withholding
- super information
The way you pay your employees won't change however you must send the ATO the information at the same time as you pay your employees. STP has already started and will be mandatory for all employers from 1 July 2019.
- The same business test to be replaced by a 'similar business' test.
- Removing tax deductibility of 'non-compliant' payments.
- New 'consumer' rules for GST and online purchases.
- Rental travel expenses mostly off the table.
- When valuations of property are important for tax.
- Tax incentive for angel investors in start-ups.
- Guide to making motor vehicle expense claims.
- The ATO is looking for personal services income diverted to Self Managed Super Fund's.
- for certain travel expense claims, the term 'itinerant' needs clarity.
- Do you need an agreement with your business partner?
- Alerts, not alarms.
- Investment tax issues you need to be aware of.
- Consumers compensated by financial institutions still need to consider tax.
- Three-quarter FBT year compliance check-up.
- How much do we need to retire?
- The work Christmas party.
- Renting out part or all of your home.
- Carrying on a business through your SMSF
Instant Asset Write-Off
If you are a small business (with a turnover of less than $10 million) contemplating buying machinery or equipment, the $20,000 instant asset write-off has been extended until 30 June 2019.
Small businesses may wish to consider bringing forward any planned asset investments to the current financial year – particularly in this current low interest-rate environment
2018 Federal Budget Update
As always, please feel free to give us a call on (07) 54391600 to have a chat.