Changes to STP reporting concessions from 1 July 2021 Small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ payees through Single Touch Payroll (‘STP’). Also, a quarterly STP reporting option applies to micro employers (four or fewer employees). These concessions will end on 30 June 2021. The STP reporting changes that […]
ACCOUNTING
PRACTICE UPDATE – DECEMBER 2020
Improvements to be made to full expensing measure The government will expand eligibility for the temporary ‘full expensing measure’, which temporarily allows certain businesses to deduct the full cost of eligible depreciable assets in the year they are first used or installed. The government will also allow businesses to opt out of temporary full expensing […]
PRACTICE UPDATE – NOVEMBER 2020
Tax cuts pass Parliament The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure passage of legislation containing some of the important measures very shortly afterwards, as summarised below. Tax relief for individuals The Government brought forward ‘Stage two’ of their Personal Income Tax Plan […]
PRACTICE UPDATE – SEPTEMBER 2020
Superannuation guarantee rate increase update Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee (‘SG’) have continued to be tossed around! The SG is the compulsory amount of superannuation an employer must pay into an eligible employee’s chosen super fund. The rate of SG has been frozen at 9.5% of an […]
EMPLOYMENT RELATIONS NEWS July 2020
Compiled by Tania Harris A Reference Point to learn changes in Australian Employment Law Issues Affecting Your Business Guiding Employers towards Compliance Providing Best Practice Solutions for Business FAIR WORK OMBUDSMAN (FWO) STRATEGIC PRIORITIES 2020-21 In a COVID-19 driven strategy shift, the FWO will temporarily consider the ‘impact on viability’ when deciding whether to prosecute Employers. The […]