Businesses that struggle to pay their super guarantee commitments will be pleased by the Federal Government’s recent proposal to allow a 12 month amnesty for late payments from 24 May 2018 to 23 May 2019. Subject to the bill being passed by Parliament, this amnesty would allow such payments to still be tax deductible. Under the current rules, any discovered late payments are not tax deductible.
The Turnball Government has released the 2018 Federal Budget and as expected in an election year, the budget has provided some relief for low to medium income earners while not containing much in the way of bad news, serious cuts or major reforms.
From 1 January 2019 a new accounting standard applies for all reporting entities and public companies which will fundamentally change the way they record and report leases. IFRS 16 will have a major impact on these entities’ balance sheet and it is crucial impacted businesses start planning for the changes ahead of its implementation.
Now that businesses have become SuperStream compliant and have gotten used to the new superannuation online reporting system, the ATO has introduced another online payroll reporting system which may apply to your business from 1 July 2018 called “Single Touch Payroll.” Like SuperStream, this is an online reporting system that is being introduced to get the ATO more accurate and timely payroll information from employers. Employers need to report wages, allowance, PAYG withholding and superannuation information.
An earlier article covered the issue of finding the right property for you. Assuming you have received the right advice, you have now purchased the perfect property in the correct structure. The last piece of the puzzle is now ensuring you maximise the tax benefits of this property. Many people are unaware of what costs can and can’t be claimed for their rental property and are therefore missing out of maximising their tax refunds.
It is important at this time of year to celebrate with your workmates and recognise the hard work done throughout the year. For most employers, this involves putting together some sort of work function for their staff. While most of focusing on providing the perfect event for their staff (as they should!), many do not understand the potential choices available and the tax implications of these choices.