Even though payroll tax is a state-based tax, all wages paid in Australia form a part of the threshold. Example: The Queensland threshold is $1.3M The Victorian threshold is $700K If you have Queensland wages of $1M and Victorian wages of $350K, you are subject to payroll tax in both jurisdictions What contributes to “Taxable…
Did you know that ACCC reported the following statistics in August last year alone? 190,000 reports of scams $192M losses Cryptocurrencies are the most popular type of investment scams (It starts with $250 and $500 investments, but scammers pressure more overtime before claiming all the investments is gone) The over 65’s have lost the most…
Not all work-related expenses are created equal such that we think we can claim anything or everything as a tax deduction. This is a no no! The proliferation of “Work from home” (WFH) related expenses during this ongoing pandemic is now more than ever, attracting ATO’s intense scrutiny. The key thing to remember is that…
In an update to tax professionals on the 9 February 2021, the ATO is replacing the Business Portal with the new service ‘Online services for Business’. It has greater functionality than the Business Portal and has faster processing time. Please note that the ATO recommends that sole traders continue to use the ATO online services…
The Federal Government has announced as part of MYEFO that the ATO will be able to disclose to Credit Reporting Bureaus overdue tax debt from 1 July 2017. If a taxpayer meets all of the following criteria the ATO will be able to disclose debt to specific external parties: The entity has an ABN The…
So you thought contractors were a better option than employees? A recent insolvency in Sydney makes compelling reading if you employ contractors. A cleaning company engaged its workers via contract. (At this point it is important to understand that just having an ABN or merely saying you are a contractor does not make it so….
If you pay your employee superannuation late, it ceases to become a tax deduction! This means that you will not only pay the superannuation (eventually), but you will effectively pay more tax of between 34.5% and 49% of the super paid late depending on your personal tax rate. One day late is sufficient to remove…