#Taxation
Ready for STP payroll? The latest ATO update
John Shepherd, Assistant Commissioner, Australian Taxation Office delves into some of the finer detail ahead of the 1 July move to Single Touch Payroll (STP), a change to the way larger employers report tax and super to the ATO. The 1 July start for Single Touch Payroll (STP) is fast approaching, and all larger employers, […]
Proposed tax debt disclosure laws ‘unlikely to help SMEs’, says debt collection agency’s CEO
Much has been said about the benefits SMEs will see from new draft legislation recently proposed by the Federal Minister for Revenue and Financial Services authorising the Australian Taxation Office to disclose business tax debts to credit reporting bureaus. While the stated aim is to “help the SME sector”, in reality SMEs will be largely […]
Ten investing tips to level-up your start-up
As a savvy entrepreneur, you know that your brilliant start-up idea, together with your visionary approach to a certain industry niche, is going to need a strong financial backbone. Capital is pretty hard to come by in this day and age, and your start-up needs to grow or have a soft cushion to land on in case […]
The SuperStream deadline (28 Oct) won’t be pushed back again, small businesses warned
Businesses with 19 or fewer employees have less than two weeks to transition to SuperStream – the new, mandatory electronic standard for paying superannuation contributions. “The Australian Taxation Office (ATO) is pleased that more than 75 per cent of small businesses are already SuperStream compliant however, there is still a way to go to ensure […]
SuperStream deadline fast approaching, businesses reminded
With just three weeks until small businesses must become SuperStream compliant, the Australian Tax Office (ATO) has urged those yet to implement the new standard to act now. From 1 July, it will be mandatory for employers with 19 or fewer staff to send all super payments and employee information electronically in a standard format using SuperStream. According to the […]
The value of a lost receipt: Why businesses should capture every expense
An individual earns income, pays income tax and then pays expenses with what’s left. A business basically pays for expenses with pre-tax dollars whereas an individual pays expenses with post-tax dollars.
Tax tips for budding startup businesses
As easy as it might be now to juggle a full-time job and work as a freelance writer in your spare time, you may not have considered the tax implications – a mistake that can leave you out of pocket for several thousands of dollars when your tax bill comes in.
Get the good oil on contractor payments
Own or operate a building or construction business that pays contractors? Under new taxation legislation you’re required to submit a Taxable Payments Annual Report to the ATO in late July.
Personal Service Income 101: What SMBs need to know
The issue of Personal Service Income (PSI) will continue to be a major focus of ATO compliance activities in 2012. Here’s what you need to know.