Proposed Superannuation Guarantee Amnesty from 24th May 2018
The deductibility and removal of the administration component proposed in the Amnesty depend on the passage of legislation. Until this occurs, the current law applies. On 24 May 2018, Minister for Revenue and Financial Services announced External Link the commencement of a 12 month Superannuation Guarantee Amnesty (the Amnesty). The Amnesty is a one-off opportunity for employers to […]
Single Touch Payroll: Are You Ready?
If you run a business, you’ve probably heard a lot about Single Touch Payroll (STP) recently, so what is it and how does it affect you? Basically, STP aligns your reporting obligations to the ATO to your payroll processes. Each pay cycle you send information to the ATO including employees’ salaries and wages, allowances, deductions, […]
Uber Not An Employer
Employer groups have been dealt a blow after a Fair Work Commission finding that Uber was not an employer and thus unfair dismissal laws did not apply. With the rise of the gig economy, employment conditions such as minimum wages and conditions, entitlement to annual, sick and long service leave, superannuation, and protection from unfair […]
Increase in Payroll Tax threshold for NSW
This week, the NSW state budget revealed that the payroll tax threshold would be increased from $750,000 to $1 million over the next four years. The threshold will be progressively increased, starting with an increase to – $850,000 for 30 June 2019 $900,000 in 2019-20 $950,000 in 2020-21 $1 million in 2021-22 This adjusted payroll […]
Personal Income Tax Bill passes both houses of Parliament
The Government has secured enough support from the cross-bench senators to enable passage of the Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018. Under the Bill (which must now receive Royal Assent), the following changes will be made to personal tax rates: From 1 July 2018, the threshold for the 32.5 per cent tax […]