Last week, Australian small businesses with 19 employees or less, were required by law to report using the new digital Single Touch Payroll (STP) reporting system - but about a third are yet to start reporting or notify the ATO that they need more time to start. STP requires employers to electronically send payroll information including wages, salary payments and superannuation to the Australian Taxation Office (ATO), at the same time as their usual pay run. Many businesses c

Don't forget - if you employ 19 or less employees, you have until 30 Sept 2019 to start reporting their salary/wages, tax and super info through Single Touch Payroll (STP). STP reporting is currently available through most payroll, accounting and business management software. A number of no-cost and low-cost Single Touch Payroll solutions (less than $10 per month) are available for micro employers (those with four or less employees). Some providers have asked the ATO for a la

From a small business perspective, the Federal Budget delivered by Treasurer Scott Morrison last night has some good indicators - but there

Many small businesses use gift vouchers, particularly at this time of the year - so remember if you sell vouchers it is important to know when to report the GST on your activity statement. If you sell a gift voucher which can be redeemed for a choice of goods or services up to that value, you report the GST for that gift voucher when the gift voucher is redeemed, not when it is sold. If only part of the gift voucher is redeemed, you only need to report the GST on that part. H

Australian Taxation Office (ATO) Commissioner Chris Jordan has signaled five key target areas of small business owner tax compliance while assuring the tax agent community the ATO will strengthen its IT services and ensure systems stability in the years ahead. Speaking at the Institute of Public Accountant’s (IPA) National Congress last week, Jordan told the audience of accountants that systems outages over the past year had “caused us to defer the program of work we had been

Think you know all the things that need to be included on a valid Tax Invoice? Do you check expense receipts to make sure they're correct? Of course you do! Or do you? These questions caused a few double takes at this morning's Bxnetworking Penrith breakfast meeting where everyone did, sort of - in a fashion, particularly where those valuable expense receipts are concerned! They were posed during a presentation from Teresa Tidball (left) of Tidball Accountancy. So here's the

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The small business community has hit back at the idea the Labor Party could propose changes to tax arrangements for family trusts, while tax professionals have raised a number of complications that could emerge if the system is changed. Opposition Leader Bill Shorten has been foreshadowing the release of Labor’s tax policy platform, promising to tackle inequality in Australia and leaving the option open to change the game on how the nation’s discretionary trust structures, wh

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Whether you use a registered tax agent or lodge your own tax return, here are a few tips to help you get ready for tax time 2017. Prepare your records Make sure you have all the records ready to send to your tax agent or to prepare your tax return, including: cash, EFTPOS, credit or debit card, and online sales records records of the expenses you can claim as a deduction this tax time. Check if you have personal services income (PSI) If you are paid mainly for your personal

A lot of little deductions can add up to a big refund. If you run a small business, almost any purchase that helps generate income is tax deductible. While you’ll need to be careful to ensure that these expenses are genuinely claimable, they are commonly overlooked and could save you come tax time. GOOD DOG Canines aren’t just man’s best friend. They can also be a tax deduction. If you have a dog that safeguards your small-business site, you can claim food, vet bills and the

If you are a new new to business or thinking about starting up, the ATO has some free seminars coming locally that can help you. Individual two-hour seminars will cover Tax Essentials, Good record-keeping and Employer Essentials focussing on payments, the difference between employees and contractors, tax and super obligations. Locations include Penrith, Springwood, Parramatta, Lidcombe, Campbelltown, Sydney and several regional areas. You will need to select which sessions yo

Learn the tax essentials, good record-keeping and employer essentials at FREE two-hour workshops around Sydney including Springwood, Windsor, Castle Hill,Liverpool, Campbelltown and many more locations. See list here: #TaxComplications #ATO #Tax #Workshop