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SINGLE TOUCH PAYROLL TO INCLUDE EVERYONE

Single Touch Payroll (STP) is changing the way employers report their workers' tax and super information to the ATO.

Employers are expected to report information on a variety of areas through software that offers STP reporting or third-party service providers. Withholding amounts, superannuation liability information, ordinary times earnings, salaries, wages, allowances and deductions should all be included in reports.

Parliament has passed legislation to extend STP to now include businesses of any size.

            
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FURTHER EXTENSIONS FOR INSTANT ASSET WRITE-OFF         

The Instant Asset Write-off Scheme has been extended to 30 June 2020 for assets purchased under $30,000.

The scheme affects small to medium businesses with a turnover of up to $50 million a year, allowing business owners to immediately deduct assets costing up to $30,000 which can then be claimed for tax return in that income year. The new rules will apply from 2 April 2019 and are set to remain in place until 30 June 2020.      

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GETTING PAYG WITHHOLDING RIGHT

As the end of the financial year approaches, it is important to be aware of changes to compliance obligations for small business owners.

New penalties for business' pay-as-you-go (PAYG) withholding and reporting obligations will commence 1 July 2019, with businesses now prevented from claiming deductions for payments to employees and certain contractors if they fail to comply.

                        
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SUPERANNUATION STRATEGIES FOR END OF THE FINANCIAL YEAR

   

As the end of the financial year approaches, now is the time to think about ways that you could grow your superannuation.

Here are some strategies you can consider that will enable you to streamline your finances while also seeking some generous tax breaks.  

                                                                                               

         
Click here to download a pdf version of the newsletter to read the full article.