NEWS & INSIGHTS
What is Division 7A
23 October 2019 If you own a private company, a common area of tax legislation that impacts shareholders and their associates is Division 7A of the Income Tax Act. A company is considered a separate legal entity. For this reason, the highest tax rate payable by a...
The $11.1bn small business tax shortfall
23 October 2019 The ATO recently released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector and indicate where we can...
When do you need to pay Superannuation?
22 October 2019 If you're an employer, it's vital you understand your obligations when it comes to superannuation. As a general rule, if an employee earns $450 or more (before tax) in a calendar month, they are entitled to superannuation. Contractors may also be...
We’ve smashed our $25k goal for cancer research!
7 October 2019 Team Shakespeare has been training hard for the upcoming Maca Cancer 200 Ride for Research. With only a few weeks to go, the team are well and truly gearing up for an epic 200km ride. The weekend of October 26-27 will see team Shakes join hundreds of...
Cryptocurrency: What is it and how is it taxed within Australia
23 September 2019 Cryptocurrencies are currencies that exist only digitally. Rather than one central regulating authority recording all transactions and managing the issue of units, cryptocurrencies use a decentralised ledger known as blockchain technology to prevent...
Single Touch Payroll Compliance Deadline
17 September 2019 With the Single Touch Payroll (STP) compliance deadline fast approaching, the ATO is reminding business owners to get prepared. The September 30 deadline applies to businesses who employ 19 or less staff. Larger businesses have been using the system...
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