PAYG Instalments DUE!

PAYG Instalments are due to be paid and lodged by 28th February. Pay as you go (PAYG) instalments is a system for making regular payments towards your expected annual income tax liability for the current year. If you're required or choose to pay quarterly, the ATO will send you either an activity statement or an instalment notice at the end of each quarter. You need to pay the amount due, by 28th February. The amount will be 25% of your PAYG instalment liability for the income year. The ATO either sends this notice to you via email, SMS, notifications or post. They can impose fines of up to $850 for late lodgement or payment, and interest is accrued on any taxes owed. If you have not

UPDATE: Single Touch Payroll

STP FOR ALL EMPLOYERS – WHAT IS IT AND HOW DOES IT AFFECT YOU? STP is now a requirement for all businesses who employ any number of staff as of 1 July this year so you must not ignore this new obligation which is awaiting Royal Assent but passed through parliament this week. STP is a computerised Single Touch Payroll reporting system. You must lodge with the ATO via a STP ready software every time you process a pay. If you currently use a STP-ready software, and manage your own payroll, you may need to learn how to lodge your payroll automatically with the ATO. Otherwise, we are ready to help! You can contact us and we will move you to a simple Low Cost solution for reporting whi

Single Touch Payroll

Single Touch Payroll (STP) is a way of sending tax and super information to the ATO from your payroll or accounting software. It allows you to upload payments to employees such as salaries and wages, PAYG withholding, and super information. Employers with 20 or more employees STP reporting started from July 1st 2018 for substantial employers (with 20+ employees). If you had 20+ employees on April 1st 2018, you will need to report through STP from July 1st 2018 even if your employee numbers have changed since then. * If you are part of a company group, you must include the total number of employees employed by all member companies of the wholly-owned group. If you have not started report

Main Residence Exemptions

In the 2017-18 Budget, the government announced that foreign residents will no longer be entitled to claim the main residence exemption when they sell property in Australia. This change is not yet law and is subject to parliamentary process. If the law is passed and you are a foreign resident when a CGT event happens to your residential property in Australia, you may no longer be entitled to claim the main residence exemption. For property held prior to 9 May 2017, the exemption will only be able to be claimed for disposals that happen up until 30 June 2019 and only if they meet the requirements for the exemption, otherwise they will no longer be entitled to the exemption For property acqu

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