SuperStream SuperStream is improving the efficiency of Australia’s super system and provides a new standard for employers when making super contributions. It requires an employer to send contributions electronically in a standard format with linked data and payments. Key dates Employers with 19 or fewer employees You need to be using SuperStream no later than 30 June 2016. Employers with 20 or more employees You need to be using SuperStream no later than 31 October 2015. According to ATO, SuperStream helps business to save up to 70% resouces spending on super, which include time and admin. For more information please [...]

Budget 2015 Summary: Tax and Benefits

Budget 2015 Summary: Tax and Benefits Source: MULTINATIONAL COMPANIES Multinational and foreign-owned companies will no longer be able to avoid tax by shifting profits to other countries. Australia will work with other governments to share tax and income information. The Government will also introduce a Multinational Anti-Avoidance Law to require businesses to pay tax in Australia on the profits they make in Australia. FOREIGN OWNERSHIP Foreign investment that is in our national interest is welcome in Australia. The foreign investment rules will be strengthened with the ATO taking over regulation of foreign investment in real [...]

Budget 2015 Summary: Jobs and Small Business

Budget 2015 Summary: Jobs and Small Business Source: ACCELERATED DEPRECIATION All small businesses will get an immediate tax deduction for any individual assets they buy costing less than $20,000. (Currently, the threshold sits at $1,000). This $20,000 limit applies to each individual item. Small businesses can apply this $20,000 rule to as many individual items as they wish. These arrangements start from Budget night and continue until the end of June 2017. Further information on accelerated depreciation is available on the ATO website. TAX CUTS The Government is reducing the tax rate for the [...]

Personal Property Securities Register (PPSR)

Why register a security interest on the Personal Property Securities Register (PPSR)? Businesses can improve the way they manage credit risk by registering their security interest in the goods they supply or lease on the Personal Property Securities Register (PPSR). If you do not register your security interest and a debtor goes into bankruptcy or is placed into liquidation, your position will be like that of an unsecured creditor. Secured creditors will be ahead of you when payments are made or assets distributed. The Personal Property Securities Act 2009 (Cth) contains rules for determining priority between security interests in the [...]

ATO PAYG withholding news

PAYG withholding tax tables For the 2013 – 14 income tax year, there are no changes to the income tax rates or thresholds. You can continue to use most tax tables. However, there have been changes to tax tables used for employees that: have a Higher Education Loan Program debt or Financial Supplement debt were paid back payments, commissions, bonuses and similar payments received an employment termination payment or return to work payment are seniors or pensioners. For copies of all tax tables current for 2013-14, refer to Tax tables Source: Australian Taxation Office If you are looking for [...]