ATO Outlines Changes for Single Touch Payroll Phase 2
The Australian Tax Office (ATO) has announced the key changes which are set to be introduced under the Single Touch Payroll Phase 2 regime. This includes the categories of payments that employers will now be required to report. The ATO has outlined that mandatory STP Phase 2 reporting will be commencing from 1st January 2022. […]
Some Australian Businesses Have Been Forced to Repay JobKeeper Payments
In 2020, the federal government paid over $1 billion to some of Australia’s most profitable companies. Over 60 publicly listed businesses have revealed that they were given handouts such as JobKeeper despite recording a combined profit of $8.6Bn in the past 18 months. These companies distributed an excess of $3.6 billion in dividends to their […]
10 Common Tax Mistakes Made by Rental Property Owners
The ATO has published a list of tips that aims to help rental property owners avoid making some of the most common mistakes which are made when completing their tax. The avoiding these errors will help the property owner save money and time. 1. Keeping the right records Your client is required to have […]
Are You Ready for Single Touch Payroll Phase 2?
In December 2020, the ATO announced that it is working towards introducing 1st July 2021 as the start date for STP phase 2. Under these new rules, employers will be required to report additional payroll information on each pay day. Some of the major changes which set to be introduced include; moving away from the […]
IPA Supports A New Deduction to Help Australians Retrain and Reskill
The Institute of Public Accountants is pushing for the federal government to implement a new tax deduction to encourage Australians to retrain and reskill. The IPA, contents that a new deduction will fill a gap in the tax system that has neglected taxpayers who have been made to pay full cost of retraining and […]
The Potential For e-invoicing to Be Used For Tax Compliance
The Federal Government often praises e-invoicing for its productivity benefits as opposed to its ability for tax compliance potential. Based on how the service is being used overseas it is highly possibility that e-invoicing will be used in the future to prevent tax evasion and to combat the black economy. As the Federal Government considers […]
Federal Government Extends Apprenticeship Wage Subsidy Scheme Until 30th September 2021
Prime Minister Scott Morrison has announced that the federal government will be extending its wage subsidy scheme for apprentices and trainees until the end of September 2021. It is anticipated that the extension will result in another 70,000 new jobs being created. The scheme has already created over 100,000 apprenticeships since it was introduced on […]
Advice for Business Owners Who Are Preparing for The End of JobKeeper
The Australian Government will be ending the JobKeeper scheme on Sunday 28th March. Here are some tips to help business owners prepare for life after the wage subside. Review Your Cash flow With as much detail as you can, it is advised that business owners put together a forecast for the next few months. Get […]
Extending The SME Guarantee Scheme To Help Australia’s Tourism Industry Recover From Covid-19
The Federal Government has chosen to extend its small and medium-sized enterprise loan scheme. The SME recovery loan scheme will be an adaptation of the SME Guarantee Scheme which was introduced in March 2020. The scheme provides loans of up to $5 million, 80% of the loan is guaranteed by the government and 20% is paid […]
Boosting the Creative Economy and Employing Australians In Entertainment Sectors
In a bid to boost the creative economy, the federal government announced the $250 million support package called “The Covid-19 Creative Economy JobMaker Package” on 25th June 2020. This support package includes a $90 million Show Starter Loans Scheme. These much-needed support packages are being delivered as part of the Coronavirus SME Guarantee Scheme. The […]
