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22.01.2022 CONTACTING SMALL EMPLOYERS ABOUT STP Single Touch Payroll (STP) reporting started on 1July 2019 for small employers (19 employees or less). In August, the ATO started writing to small employers who have yet to start reporting or apply for a deferral, to remind them of their STP obligations. Small employers have until 30 September 2019 to start reporting or apply for extra time to get ready. We can assist you in this regard.

18.01.2022 WORKING OUT IF YOU HAVE TO PAY SUPER Generally, if you pay an employee $450 or more (before tax) in a calendar month, you have to pay them super guarantee (SG) on top of their wages. If your employee is under18 or is a private or domestic worker,... such as a nanny, they must also work for more than 30hours per week to qualify. For example, you will have to pay them super on top of their wages for each week that the employee has worked more than 30hours. You have to pay super for somecontractors, even if they quote an Australian business number (ABN). Generally independent contractors who are paid for a result will not be included in your obligations. However, those who primarily offer their labour, who cannot delegate their tasks, then work set hours under your control and direction on an hourly rate will be eligible for SG. It can be a fine line and the ATO has a decision tree for this on their website. You pay super regardless of whether the employee: is full-time, part-time or casual; receives a super pension or annuity while still working including those who qualify for the transition-to-retirement measure; is a temporary resident, such as a backpacker or a working holiday maker when they leave Australia, they can claim their super through theDeparting Australia superannuation payment(DASP) program; is a company director; is a family member working in your business provided they are eligible for SG. Domestic workers If you engage someone to do work of a domestic or private nature for 30hours or more per week and pay them $450 or more (before tax) in a calendar month, you have to pay super for them. ‘Domestic or private’ means work relating personally to you (not to a business of yours), or work relating to your home, household affairs or family such as a nanny, housekeeper or carer. If you use funds from the National Disability Insurance Scheme (NDIS) to engage a carer or other domestic help, you may have to pay super for them. This only affects people who choose to manage their NDIS plan themselves. When you don’t have to pay super You don’t have to pay super guarantee (SG) for: non-resident employees you pay for work they do outside Australia; some foreign executives who hold certain visas or entry permits; members of the army, naval or air force reserve for work carried out in that role; employees who opt out of receiving super if you’re covered by an SG employer shortfall exemption certificate in relation to the employee for the quarter; employees temporarily working in Australia who are covered by a bilateral super agreement you must keep a copy of the employee’s certificate of coverage to verify the exemption. If you’re a non-resident employer, you don’t have to pay super for resident employees for work they do outside Australia. Curtesy bo2

16.01.2022 ATO PUTS THE BRAKES ON DODGY CAR CLAIMS The Australian Taxation Office (ATO) is making work-related car expenses a key focus again during Tax Time 2019. This follows warnings by the ATO last year that work-related car expenses would face greater scrutiny. Over 3.6 million people made a work-related car expense claim in 201718, totalling more than $7.2 billion. One in five car claims are exactly at the maximum limit that doesn’t require receipts. Under the cents per kilometre...Continue reading

08.01.2022 Lower company tax rate changes From the 201718 to 201920 income years, companies that are base rate entities must apply the lower 27.5% company tax rate. The lower company tax rate for base rate entities will reduce to 26% in 202021 and to 25% from the 202122 income year.... A base rate entity is a company that both: Has an aggregated turnover less than the aggregated turnover threshold which is $25 million for the 201718 income year and $50 million for the 201819 to 202122 income years. 80% or less of their assessable income is base rate entity passive income (such as interest, dividends, rent, royalties, and net capital gain) this replaces the requirement to be carrying on a business. When working out the rate to use when franking your distributions, you need to assume that your aggregated turnover, assessable income, and base rate passive income will be the same as the previous year. Courtesy BO2

06.01.2022 LOW INCOME EARNERS MAY NEED TO LODGE If your taxable income is under the tax-free threshold of $18,200 (before offsets) they may still need to lodge a tax return. Common reasons for this include, if you: had pay as you go (PAYG) withheld from payments received during the year; had a reportable fringe benefits amount on their income statement or PAYG payment summary;... had reportable employer superannuation contributions on your income statement or PAYG payment summary; made a loss or can claim a loss made in a previous year; were an Australian resident for tax purposes and had exempt foreign employment income and $1 or more of other income; were entitled to the private health insurance rebate but did not claim your correct entitlement as a premium reduction; were a liable or recipient parent under a child support assessment unless both of the following applied: o You received one or more Australian Government allowances, pensions or payments (listed on the Individual tax return instructions 2019. o Your income was less than$25,038. Courtesy Bo2 See more

04.01.2022 ATO receives five more years of policy details from insurers about lifestyle assets like yachts, fine art etc On 18 December 2019, The Australian Taxation Office (ATO) revealed it will be requesting a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high value motor vehicles and aircraft. Insurers have been asked to provide the ATO with policy details for lifestyle asset...Continue reading