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3 easy ways to maximise your super Posted on Sep 27, 2018 by admin

Super

Superannuation is more critical than it has ever been. If having an ageing population has taught us anything, it is how managing money now can have substantial ramifications for your retirement plan. Merge your superEvery super account you have comes with a set of fees. It is worth your while chasing down inactive accounts and putting all your super into the one account to reduce fees and maximise the investment benefits. Salary sacrificeIf you can budget putting more of your salary away into a super account every month, you can reap multiple rewards. First, you can use the extra super […]

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ATO developing software to stop tax avoidance Posted on Sep 27, 2018 by admin

Tax

The ATO is in the midst of developing advanced data programs to find individuals who are leaving a source of income out of their tax return. Analytical tools have been developed to utilise the amount of data the ATO receives to identify instances where income has gone unreported. This is to address the annual $1.4 billion tax shortfall caused by individuals who leave income out of their return. The ATO has identified that the most common mistakes are made by taxpayers leaving out cash wages. There are also issues with the non-disclosure of income from second jobs, capital gains on […]

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Paying super to different visas Posted on Sep 24, 2018 by admin

Super

Normally employers have to pay a worker super. However, this becomes confusing with the different visas that employees might be on. Some rules are listed below. Paying super to temporary residentsTemporary residents working in Australia are eligible for super guarantee. When temporary residents leave Australia, they can claim the super paid as a departing Australia superannuation payment (DASP). This is provided that they meet the requirements where you must: Be 18 years old or over (if you are under 18 you must meet the above conditions and work over 30 hours per week to be entitled to SG) and, Paid […]

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Authorisations for Single Touch Payroll Posted on Sep 24, 2018 by admin

Tax

On the 1 July 2018, the Australian Government introduced Single Touch Payroll (STP) for employers with 20 or more employees. The new scheme requires employers to report payment activities each time employees were paid. Authorisations for an agent to act on behalf of an employer to streamline the process of STP are provided below. STP Engagement AuthorityIf a registered agent reports through STP for an employer, they can get written authorisation to make this declaration through an annual agreement. This authorisation will allow the registered agent to make the relevant declaration to the Commissioner when they lodge an STP at […]

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Employer super obligations reminder Posted on Sep 14, 2018 by admin

Super

The Australian Tax Office (ATO) is reminding employers to check they are meeting their obligations when it comes to paying super to their workers. To help you make sure you are meeting your requirements, consider this checklist: Are you paying the correct amount? You are required to pay a minimum of 9.5 per cent of their ordinary time earnings to their superannuation fund. Are you keeping correct and up-to-date records? It is important to maintain accurate record-keeping procedures, so you have evidence to prove you have been meeting your employer super obligations. Are you paying super to all eligible workers? […]

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Changes to FBT for Utes Posted on Sep 14, 2018 by admin

Tax

The Australian Tax Office (ATO) released draft guidelines outlining that Utes will no longer be exempt from Fringe Benefits Tax (FBT). Amendments originated from reports that dodgy tax returns were responsible for a loss of $8.7 billion in income tax due to wrongful claims. The requirement of a logbook New rules require employers ensure their workers using these vehicles keep detailed logbooks. Whether the logbooks are electronic or hard copy, it is vital that the process be effective for returns lodged in the 2019 FBT year, when the law takes effect. Employers receive confirmation via email from employees using the […]

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Income tax return: what to report Posted on Sep 6, 2018 by admin

Tax

The time to report and lodge your annual tax return for your business is fast approaching. Remember, what you must report will depend upon the type of business entity you have. Sole traders As a sole trader, you are required to lodge a tax return even if your income is below the tax-free threshold. This will include: – tax return for individuals including the supplementary section – business and professional items schedule for individuals. You must report: – The business income minus the business deductions you are eligible to claim. – The other income like wages and salary (from a […]

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Winding up a SMSF Posted on Sep 6, 2018 by admin

Super

The Tax Office is reminding individuals winding up a self-managed super fund (SMSF) that before lodging your final SMSF annual return, you must first have an audit completed by an approved SMSF auditor. When lodging your SMSF annual return, answer Question 9 in Section A: ‘Was the fund wound up during the income year?’. You should also look to complete Question M in Section D: Supervisory levy adjustment for wound up funds. By doing so, you will reduce the SMSF supervisory levy you must pay, so you do not have to pay the levy the following year. Remember also to […]

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