DFK Crosbie Blog
Single Touch Payroll (STP) is changing the way employers report their workers’ tax and super information to the ATO.
Employers are expected to report information on a variety of areas through software that offers STP reporting or third-party service providers.
Withholding amounts, superannuation liability information, ordinary
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With the global business environment and potential competitors worldwide, every business action needs to have specific goals and purpose in mind to ensure long term prosperity.
Business owners should be able to answer the following questions with clarity and without any hesitation.
- Do you have a clear strategy
Knowing what you can claim from travel allowances and expenses can be difficult as in some cases, tax deductions from an allowance are to be withheld unless specified otherwise.
The reasonable amount of travel expenses is updated yearly and is based on job type and salary. On the occasion that you are required to travel overnight for work,
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Self-managed super funds are closely monitored by the ATO to ensure regulations are being met across all areas. It is the responsibility of SMSF trustees to comply with all related super and tax laws.
The ATO is looking into a number of high-risk areas
An income stream from your self-managed super fund ensures regular, flexible and tax-effective income as a pensioner. These streams can be received as a series of benefit payments from your SMSF.
Income streams from an SMSF are usually account-based, which means that the amount allocated to the pension comes directly from a member’s
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Many property investors can access a wide range of tax deductions for their rental property and items subject to depreciation.
Property investors may not be aware of the number of items that can be tax-deductible, such as accounting, bookkeeping and tax expenses relating to the property. Here are some tips to help you maximise
Goods and services tax (GST) is applied to most goods and services sold in Australia, taxed at a rate of 10%.
If you run a business, you are likely to have GST obligations, such as claiming credit for any GST included in the price of goods and services that have been purchased for your business. However, many businesses have expenses that
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The 2019 Federal Budget focuses on rewarding working Australians, with the emphasis on a two-pronged approach for “hard-working” individuals.
Individual taxes:
From the 2018-2019 income year, the low and middle-income tax offset (LMITO) has been increased by $550. This now means individuals
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The vocational education and training (VET) sector is receiving an investment of $525 million over a five year period to equip workers with the skills they need.
Additional Identified Skills Shortage Payment
The Additional Identified Skills Shortage Payment has been created to support up to 80,000 new
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The 2019 Federal Budget focuses on building a better tax system for Australian businesses in order to create a stronger economy.
Instant asset write-off:
The instant asset write-off threshold will be increased from $25,000 to $30,000 and be extended from businesses with an annual turnover
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