As part of the expansion of Single Touch Payroll (known as STP Phase 2), from 1 January 2022, employers will need to report additional payroll information in their STP reports. The ATO will support employers with the move to STP Phase 2 reporting.
2021 Taxable Payments Annual Reports (TPARs) are due to be lodged for businesses who have paid contractors to provide the following services: building and construction cleaning courier, delivery or road freight information technology (‘IT’) security, surveillance or investigation
Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022). The new regime will initially require ride-sharing and short term accommodation online platform operators to report transactions they facilitate directly to the ATO.
From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year.
While adapting business operations and transitioning to new ways of working is paramount for business owners, unprecedented pressure on finances and cashflow can highlight the risks business liabilities can impose on a business owner’s personal affairs. ‘What if’ your personal assets were at risk from potential creditors or litigation? Here we shine the spotlight personal…
While it’s common for business owners to spend considerable time and effort focusing on business strategies for ongoing viability, it’s also important to make a dedicated effort towards building and protecting your own personal wealth.
The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns.
The ATO has advised that it will engage in two new data matching programs dealing with property transactions.
The super guarantee rate will rise from 9.5% to 10% on 1 July 2021, so businesses with employees will need to ensure their payroll and accounting systems are updated to incorporate the increase to the super rate.
The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars.