Single Touch Payroll is coming for small businesses
Single Touch Payroll is coming for small businesses If you have any employees, (including yourself), or You are self-employed as a PAYG earner, Then you need to be ready for the changes from 1 July 2019. Big changes are coming to the way your small business reports its employee tax and super obligations to the ATO. The easiest option is using payroll or accounting software which offers Single Touch Payroll (STP). The software means Employers send their employees’ tax and super information to the ATO each time they run their payroll and pay their employees. The new system was launched last year for employers with 20 or more employees, but following legislation passed on 12 February 2019, it has now been agreed that STP will apply to all smaller employers (those with less than 20 employees) from 1 July 2019. No matter how few staff you employ (even one or two), the STP rules will still impact you, even if you don’t currently use a payroll software package. To help small employers, the ATO is preparing a number of measures to ease the burden for small employers still preparing payrolls manually, including asking software developers to build low-cost STP […] read more
Instant tax write-off for small business assets extended
Instant tax write-off for small business assets extended The Prime Minister has announced that, from 29 January 2019, the instant asset write-off scheme will be extended so that it is available to small businesses until 30 June 2020. It is proposed that the threshold for the assets purchased under the scheme be increased from $20,000 to $25,000. The scheme allows small businesses to claim a tax deduction for the purchase of a new or second-hand asset costing less than $25,000, instead of depreciating the cost over several years. There is no limit on how many assets may be claimed. It is important to note that this change must be passed by parliament. The government intends to introduce a Bill when parliament resumes on 12 February 2019. If you would like more information about the instant write off. Please call our office to discuss how this can assist your business. read more
When is a contractor not a contractor?
Mistaking an employee for a contractor can devastate any business, with fines of up to A$63,000 per breach. Contract work is definitely on the rise. A recent survey by PwC revealed that 46 per cent of global human resources (HR) professionals believe contractors or temporary workers will comprise at least 20% of their workforce by 2022. The sentiment is strongest in China, where half of the survey’s respondents believe traditional employment is being chipped away by an emerging preference among workers for greater freedoms, entrepreneurship and specialist skills. In Australia, 23% of employers say they now regularly engage contract or temporary staff – with another 44% employing them for special projects – according to the 2017 Hays Salary Guide. The Australian Bureau of Statistics estimates there are one million independent contractors currently working in Australia, representing about 9% of the workforce – an increase of 2% in the last six year. Why use a contractor? For a businesses looking to lower overheads and improve flexibility, contracting appears to be a perfect solution. In theory, employers can hire the resources they need, when they need them, without taking on the associated infrastructure and taxation overheads required for permanent employees. In Australia, […] read more Claiming deductions for education expenses against youth allowance
The ATO will continue to apply its current administrative treatment of self-education expenses. That is, education expenses are not deductible against various Commonwealth educational assistance schemes. read more
Overview of the HECS-HELP benefit
Overview on the four benefit types - ECE teachers, maths/science, education and nursing graduates. read more
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