Key dates July 2016 It is the reporting season and there are a few key dates that any business owner or manager should be aware off. 14 Jul PAYG withholding Payers must issue PAYG withholding payment summaries to payees (that is, employees and other workers). 21 Jul Activity statements June monthly activity statements – final date […]
Employee vs Contractor Are you hiring an employee or contractor? It’s important you get this right because it affects your tax, super and other obligations. If you wrongly treat your employees as contractors you risk having to pay penalties and charges. If you’ve previously hired a worker without checking whether the arrangement is employment or […]
Closing payroll year using MYOB payroll It is that time of the year to review the steps in closing payroll year if using MYOB payroll. Do the following tasks to close your current payroll year and start a new one. Task 1 Enter all pays for June. 2 Review at least the following two payroll reports […]
Superannuation Contribution Concessional Cap Limits Superannuation contribution cap limits 2015-2016 need to be considered with the financial year finishing next week. There are two types of super contributions: concessional (before-tax) contributions non-concessional (after-tax) contributions. Types of concessional (before-tax) contributions include: employer contributions, such as compulsory employer contributions paid by your employer any additional pre-tax super […]
SuperStream deadline is rapidly approaching With the June 30 deadline rapidly approaching, the Australian Taxation Office is encouraging small businesses to make becoming SuperStream ready a priority. SuperStream – the standardisation of how employers make super contributions on behalf of their employees – involves employers sending all super payments and employee information electronically in a […]
Are you eligible for the $20,000 instant tax write off? It should be made very clear that the instant tax write off of any assets purchased prior to 30th June 2016 costing less than $20,000 each is NOT a cash refund. You may be eligible to claim the amount of the asset in full as […]
What is a Business Name? A business name does not give you exclusive trading rights over that name. Many individuals when starting a business are under the assumption that their intellectual property rights are protected. The cost of registering a business named is very affordable compared to the cost of registering a trademark. There are […]
Running a business from home? In a digital age with cloud technology more and more Australians are running a business from home. The roll out of faster broadband and easy access to gadgets such as laptops, tablets and phone apps has provided many Australians flexibility to avoid traditional work hours to accommodate their family time. […]
Do you need to register for GST? One of the first things you need to do when starting a business or contracting as an individual is to understand the implication of the GST system.In particular, do you need to register for GST? The Federal Government requires entities including individuals to consider if they have to […]
Superannuation For most people, superannuation begins when you start work and your employer starts paying super for you. If you’re a contractor, you may also be entitled to super. If you’re self-employed, you can choose whether to contribute super for yourself. You should provide your tax file number (TFN) to your employer and/or super fund. […]