Maximize your tax deduction – Businesses

In this article we explore how businesses that have turnover less than $10 million can maximise their deductions to save on tax for 2018 year and other issues they need to be aware of – deadlines, things to do etc in the coming few weeks. We will touch on employee superannuation payments, $20,000 asset write off etc

This article will apply to businesses running as sole traders, companies, trusts and partnerships.

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Single Touch Payroll – what you need to do

From 1 July 2018, if you have 20 or more employees, you’ll need to use Single Touch Payroll-enabled software to report your tax and super information to us.

This means that you need to do a headcount of the number of employees on 1 April 2018, if it is 20 or more employees then you are required to use Single Touch Payroll from 1 July 2018.

More information can be found on our article published earlier .

If you require assistance please get in touch with us!

Attention employers – Single Touch Payroll is coming!

The ATO is introducing a new system – Single Touch Payroll – to help employers report their employee payment information more easily and efficiently.

What is Single Touch Payroll?

Single Touch Payroll is a new system for employers to conveniently report their employee wages, withholding and superannuation information at the time when they prepare payroll on their accounting or payroll software.

What does it mean to you?

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Remitting employee super payments when there is insufficient information

As an employer you are obliged to pay your employee their wages, remit their PAYG Withholding to the ATO as well as remit superannuation payments to their superannuation fund accounts.

In an ideal world, on the first day your employee starts work with you, they would complete their forms including a Super Choice Form informing you their superannuation fund account details for you to remit superannuation payments.

What if your employee did not provide enough information for you to remit superannuation payments, and the amount is due to be paid?

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September 17 quarter Business Activity Statement

September 2017 quarterly Business Activity Statement (BAS) will due for lodgement and payment by 30 Oct 2017 if lodged by yourselves, or 25 November 2017 if lodged via an agent like us.

Leave your worries for preparing BAS to us by contacting us and see how we could help!