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

Small Business Grants WA

To assist small businesses with the ongoing impact of COVID-19, the WA state government has released a series of business grants since the pandemic started.

Currently the following grants are available for WA businesses:

–          Small Business Hardship Grants (December 2021 and extended program)
–          Payroll tax waiver
–          Tenant Rent Relief Scheme
–          Landlord Rent Relief Incentive
–          Tenant Rental Credit Scheme (State Government tenants)

For the hospitality and events industry, the following grants are available:

–          Alfresco support package
–          Waiver of Liquor Licensing fees
–          Event Supplier Support Program

Different eligibility criteria applies to each grant so check the website for details.  If you need assistance applying for the grant please contact us.

Important note: the grants received will likely taxable income to the business so please make sure it is declared in the business’s tax return in the year of receipt.

in Articles / Knowledge Base / News / Running A Business  by Emily Yip

Jobkeeper 2.0 – new eligibility and new rates

On 15 September 2020, the Treasury has released the Amendment Rules in relation to the Jobkeeper extension (Jobkeeper 2.0) that was legislated on 16 September 2020. The new extension rules will apply from 28 September 2020 onwards to 28 March 2021 and it will affect all Jobkeeper participants, including employees and business participants. 

In short: 

  • Businesses need to reassess their eligibility criteria from 28 September 2020 onwards in order to continue to qualify for Jobkeeper, and again on 4 January 2021. 
  • Payment rate will be reduced for both employees and business participants, and be split into tiers, depending on the number of hours worked 
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in Articles / Knowledge Base / News / Tax Advice and Planning  by Emily Yip

Another year has gone by … FBT Year Ends on 31 March – what you need to do

The 2022 FBT year ends on 31 March 2022. (Really?) Yes, that date is not an error as the Fringe benefits tax (FBT) year runs from April to March (unlike the Australian tax year which runs from July to June). It can be confusing at times.

What is FBT?

FBT is the short for Fringe Benefits Tax. It is a tax imposed on employers who provide certain fringe benefits they provide to their employees, including their employees’ family and associates.

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

Want to minimise tax when selling your business?

Are you a business owner who is considering selling your business, but is unsure what the tax implications are?

When it comes to selling your business, there are many decisions to make, and sometimes these decisions may impact your tax liabilities on sale. It is therefore wise to speak to an expert about the road ahead before starting the journey of selling.

If a business is sold without having extensive analysis of its tax implications, you may end up having to pay up to 47% tax on the profit. However with proper consultation well before the sale, you may be able to reduce the income tax liability down (sometimes to nil!). The difference can be enormous when the profit is huge.

For example: a business sale with profit of $3m, with 47% tax, your share to keep is $1.59m, however with a 0% tax, you get to keep $3m. That’s a difference of $1.41m!

Below are some concessions you may be able to use to minimise your tax.

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in Articles / Capital Gains Tax / Knowledge Base / News / Running A Business / Self Managed Super Funds / Tax Advice and Planning  by Emily Yip