New legislation is now in place for the expanded instant asset write-off. In particular, businesses with a turnover less than $50 million can claim immediate deduction on depreciating assets purchased and first used or installed ready for use up to $30,000 each from 7.30pm (AEDT) on 2 April 2019...
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Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more staff. The Bill to extend STP reporting requirements so they apply to ALL employers, regardless of the number of employees, has now passed the Senate and will be Law. This means STP...
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Prime Minister Scott Morrison pledged yesterday to increase the small business instant asset write-off to $25,000 from $20,000.
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Did you know the Australian Tax Office provides small business benchmarks to help you compare your business’s performance against similar business in the same industry? The benchmarks are calculated from income tax returns and activity statements from over 1.4 million small businesses across Australia. They account for businesses...
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Streamlined reporting with Single Touch Payroll Single Touch Payroll is a reporting change for employers. It means employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to the ATO directly from their payroll solution at the same time they...
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