Snapshot of the ALP Key Tax Policies
Lodgement rates and thresholds guide
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.
- A run-down of the new loss carry back measure.
- Calling time out on your business? Some essentials you'll need to know.
- Small business CGT concessions: Goal posts moved on vacant land and active assets.
- ATO takes aim at 'you-scratch-my-back' auditing arrangements.
- Claiming interest expenses for rental properties.
- What is a recipient created tax invoice?
- What the "full expensing" write-off deduction means for business.
- Both tax and SMSF audits are still on ATO's radar, but come leniency given.
- ATO's cyber safety checklist.
- The investment option that can hide unexpected GST.
- Rounding of GST where fractions of a cent result.
- JobKeeper extension's alternative turnover tests.
- JobKeeper rules, conditions and payment rates have changed.
- New data matching programs initiated by the Federal Government.
- SMEs: ATO confirms JobKeeper payments do not contribute to aggregated turnover.
- Fears of Div 7A danger from COVID-relaxed loan repayments unfounded.
- Electronic execution of documents during COVID-19.
- SMSF regulations to allow six members under new legislation.
- The JobKeeper scheme gets an update, plus an extension.
- Has your super fund got you covered for insurance? With COVID-19, maybe not.
- Rental property: Tax approach adjusts for COVID-19.
- Claiming a deduction for transport expenses when carrying bulky equipment.
As always, please feel free to give us a call on (07) 54391600 to have a chat.