Want to buy a holiday home and claim it on tax?
It’s not as simple as it sounds…
Find out what the ATO requirements are before you start.
Business owners can be so occupied with running their business and hiring staff and most often miss out important thresholds that they need to be aware of.
In the past we have seen businesses missing the threshold to register for WA Payroll Tax simply because they do not realise that it is their responsibility as an employer to ensure they register, lodge and pay Payroll Tax on time.
In recent years WA Payroll Tax has become more complicated as there were several changes made to various thresholds and tiers as well as the tax rates.
What can businesses do before 30 June to prepare for the end of financial year as well as legally reduce tax liability for 2022 financial year?
Do you know that from 1 July 2022 onwards super guarantee will apply to employees earning less then $450 per calendar month, provided that they satisfy other eligibility requirements?
This applies to the following (not an exhaustive list):
– under 18 employees,
– contractors,
– full time, part time or casual staff,
– someone receiving a super pension or annuity while working (this includes employees on transition to retirement
– a temporary resident, such as a backpacker
– a company director
– a family member working in your business
In the 2019–20 Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information.
The expansion of STP, also known as STP Phase 2, would reduce reporting burden for employers who need to report information about their employees to multiple government agencies.
The mandatory start date for Phase 2 reporting was 1 January 2022 however
