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.
As 30 June is fast approaching, this is the best time to review your situation to see if you are able to maximize your income tax deduction to get back more tax refund (or reduce your tax liability) when lodging your 2018 tax return!
This article will focus on what individuals can do to legally maximize their tax deduction to minimize income tax liability. We will look into some work-related expenses, donations, tax agent fees, personal super contributions and income protection insurance in this article.
There will be a separate article for business owners so keep an eye on our website!
Note that we are only providing general advice on what items you may be able to claim as your tax deduction, the actual tax deductibility for certain items depend on your personal circumstances. If you would like assistance for your situation please contact us.
The ATO is implementing the new Single Touch Payroll system so you can have quick access to your employee pay information.
The ATO is introducing a new system – Single Touch Payroll – to help employers report their employee payment information more easily and efficiently.
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.
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.
