Assets test change – is your house the answer?

30 Oct

On 1 January 2017, the assets test used to determine entitlement to income support benefits, including the age pension, will change. The questions are, will this impact you? And would or should you do anything? Presently, a single homeowner can have assets of $783,500 and a couple can have $1,163,000, before they lose their pension […]

SuperStream Compliance deadline fast approaching

22 Oct

SuperStream – Compliance deadline fast approaching! The ATO is reminding medium and large employers that the timeframe for SuperStream compliance runs out on 31 October 2015. The ATO previously announced it would allow employers (with 20 or more employees) an additional four months to adopt SuperStream, following the 30 June 2015 deadline. With the extended […]

ATO Small Business Superannuation Clearing House (SBSCH) is now open to all small businesses.

20 Oct

SMALL BUSINESS SUPERANNUATION CLEARING HOUSE (SBSCH) INFORMATION – A FREE SERVICE. The SBSCH is a free service managed by the ATO to allow employers to pay their superannuation contributions in one transactions and helps reduce compliance costs with the Superstream legislation. From 1 July 2015, any small business with a turnover of less than $ […]

Interest Rate remains unchanged

07 Oct

The Board of the Reserve Bank have decided to leave the official interest rate unchanged for the month of October 2015. The official cash rate remains at the historical low of 2%. The next meeting to review interest rates is scheduled for November 3 2015.  

Norfolk Island tax exemptions to end in 2016

29 Sep

Norfolk Island tax exemptions to end in 2016 The current self-governing status of Norfolk Island will end from 1 July 2016. Under the changes, residents of Norfolk Island, who are Australian citizens, will be given the same access to government services and entitlements as those residing on the mainland and other external territories. Additionally, Norfolk […]

Is Salary Packaging Dead?

31 Jul

Is Salary Packaging dead? An employment relationship exists where a person (the employee) performs work or services under certain conditions (usually governed by an employment agreement) in return for remuneration from another entity (the employer). The remuneration is generally in the form of salary, wages and superannuation. If the employee and employer agree, this remuneration […]

Fringe Benefits

31 Jul

Following on from our discussion on salary sacrificing, below is some detail on fringe benefits tax. What is a fringe benefit? A fringe benefit is a benefit provided by an employer (or an associate of the employer) to an employee (or and associate of the employee) in respect of the employee’s employment. A common scenario […]

Changes to activity statements (BAS & IAS)

17 Feb

The ATO have changed their policy relating to most BAS and IAS effective 1st July 2014. If you lodge your activity statement on paper you will continue to receive the paper activity statements until one of these are lodge electronically. Electronic lodgement can occur in several ways: through our tax agent portal; or through the […]