From 1 July 2017 small businesses with a GST turnover of less than $10 million will be defaulted onto the Simpler BAS reporting method. This essentially means you are required to report less GST information on your BAS. The only information that you are now required to report on you BAS strictly relating […]
Category Archives: Tax
02
Jul
Jul
From July 1st 2018 employers with 20 or more employees will have to change the way they report their PAYG and Superannuation for employees. It means employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to the ATO directly from their payroll solution at the same time […]
02
Jul
Jul
The Small Business Superannuation Clearing House (SBSCH) is a free online service that helps small businesses make super contributions for their employees. The SBSCH have changed their conditions of registration and more businesses have access to the service. You can now use the SBSCH if you have: 19 or less employees, or an annual aggregated turnover of […]
02
Jul
Jul
Simplified fuel tax credits You may be able to use the simplified methods to keep records and calculate your fuel tax credit claim. You’ll need to be registered and eligible to claim fuel tax credits. Simplified methods for claims less than $10,000 each year If you claim less than $10,000 in fuel tax credits each […]
02
Jul
Jul
The ATO have listened to the concerns of small businesses, tax professionals, industry associations and software providers, and are working towards reducing GST compliance costs for small businesses by reducing the amount of GST information required for the business activity statement (BAS). This will simplify GST bookkeeping and reporting requirements. A simpler BAS will give […]
02
Jul
Jul
Question: How do I create a tax scale for the recently introduced “Backpacker Tax”? Solution: Set the Employee Tax Scale to Voluntary/Flat Rate and enter the rate of 15%. The Issue In December 2016 the Australian Government finalised the re-categorisation of foreign visitors on working holiday visas (“backpackers”) for PAYG withholding purposes, from parity with […]
