Single Touch Payroll – Do it Once, do it Right
IN BRIEF The new Australian Single Touch payroll system is coming into effect in 2019, making way for a more efficient and secure system of payroll filing. While the impact for businesses already using online accounting software will be minimal, those employing desktop software or spreadsheets will notice the difference. Australia’s Single Touch Payroll (STP) […]
Solicitors Trust Account Audit March 2019
For any Law Practitioner, the Law Society requires an audit of the trust records at 31st March each year under the Law Professional Uniform Law (NSW). The Law Society website sets this out as follows: Appointing an external examiner Your law practice must appoint an external examiner to complete a written external examiner’s report on […]
ATO Benchmarks A Handy Business Check-up
The ATO has released its latest benchmark data to help businesses in over 100 industries compare their performance against competitors. These valuable benchmarks can help you assess measures like your cost of sales or total expenses, among others, which can greatly assist in gauging business performance and spotting tax compliance risks. How can I use this […]
Compulsory Super: How Can You Speed Up Your Retirement Savings?
“Superannuation guarantee” (SG) contributions are the minimum superannuation contributions that employers must make for their employees. The SG rate is currently 9.5%, which means employers must make contributions equal to 9.5% of the employee’s salary or wages. SG contributions are capped for high-income earners. Effectively, an employer is only required to make SG contributions to the […]
Three Common CGT Obstacles For Homeowners
In straightforward cases, a property owned by individuals and used as a main residence throughout the period of ownership will receive a full exemption from capital gains tax (CGT) when the home is sold. But this “main residence exemption” has a number of caveats. Here, we highlight three common scenarios in which a homeowner may face […]