With legislation now passed to impose the electronic reporting requirements of Single Touch Payroll (STP), software providers are scrambling to come up with cost effective solutions for those small businesses impacted by the change. Although STP has applied to employers with more than 20 employees from 1 July 2018, the legislation passed sets a date of 1 July 2019 as the starting reporting date for those businesses with less than 20 employees.
Labor’s policies on super are controversial as they make further restrictions on the ability of taxpayers to contribute to super and build up their retirement balances. They take things a step further than the changes made by the Liberal Government in many areas.
Another major focus of the Labor tax policy is to improve housing affordability. Two policy measures it claims will assist in this objective is to remove negative gearing on investments and alter the CGT discount.
Another of Labor’s major policies surrounds the taxation of distributions from discretionary trusts. Unlike the franking credits change, this policy has not received as much publicity but could have just as big an impact on small businesses.
With a Federal Election around the corner, there is a strong chance a new government will be voted in. The Opposition to their credit has been very upfront with their policies and if elected there will be significant changes to the tax and superannuation landscape. This series of articles will look at Labor’s major policies and their potential impact on you moving forward.
The Federal Government and ATO have been focused for some time on reducing the financial impact of the black economy – those businesses who are continually late and overdue with their tax commitments.