Do you need to register for WA Payroll Tax?

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.

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in Articles / Bookkeeping and Payroll / Knowledge Base / News / Running A Business / Starting a New Business / Tax Advice and Planning  by Emily Yip

End of financial year checklist for businesses

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?

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in Articles / Knowledge Base / News / Running A Business / Tax Advice and Planning  by Emily Yip

Super Guarantee to apply to more employees

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

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in Articles / Knowledge Base / News / Self Managed Super Funds / Starting a New Business / Tax Advice and Planning / Xero Cloud Accounting  by Emily Yip

STP Phase 2 rollout

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

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in Knowledge Base / News / Running A Business / Starting a New Business / Tax Advice and Planning / Xero Cloud Accounting / Xero Training  by Emily Yip

Am I taxed on an Insurance Payout?

Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes – but this is not always the case.

Insurance payouts for damaged or destroyed personal items are generally not taxed. For example, any insurance payout you receive for your family home won’t necessarily be taxed. But, the rules are different if you have used your home to produce an income, for example, you have used part of your home as a home business or you have rented out part of your home.

The rules are also different if the item is a personal asset costing more than $10,000 or if the asset is a collectible that cost more than $500.

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in Articles / Knowledge Base / News / Personal Tax Returns / Rental Properties / Running A Business / Tax Advice and Planning  by Melissa de Largie