2 December 2019 The ATO is set to cancel inactive ABNs to ensure the integrity of information held on the Australian Business Register. To help the ATO determine if an ABN is inactive, they will be examining information gathered from tax returns and other lodgments,...
25 November 2019 It is vitally important that employers pay their superannuation guarantee obligations on time as even a marginal late payment of an employee’s superannuation can result in potential harsh penalties and interest amounts owing. For example, we have had...
25 November 2019 Fringe benefits tax (FBT) is a tax payable by employers for certain benefits that they provide to their employees (or an employees’ associate, such as a family member) in place of a salary or wage. FBT applies even if the benefit is provided by a...
12 November 2019 From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer. Under current rules, some employers are paying SG...
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...
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...
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