Latest News

Hot Issues
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Touch Payroll (STP)
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‘Calm before the storm’: Government proposes 12-month SG amnesty
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Government intensifies cash payments crackdown - Kelly O'Dwyer
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Passive investment companies tax rate still 30%
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Cryptocurrency audits tipped to increase this EOFY
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Australia by numbers – Update
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$2.4m lost to tax scams, ACCC reports
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No GST on digital currency
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Federal Budget 2018 - Overview
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Your Budget
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4 components of our 2018 Federal Budget
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Resources to help understand and implement Single Touch Payroll (STP)
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New rules capture SMSFs trading big with cryptocurrency
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New passive income test for lower corporate tax rate
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Tools to help you manage your financial position are available on our site.
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‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
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Australia by numbers – Update
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Beware residency rules if moving overseas
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Meaningful tax reform in high demand
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Working holidaymakers and tax returns
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Single Touch Payroll – 1 April 2018 Action
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Property investors on notice after ATO spots false claims
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ATO issues update on cryptocurrency compliance traps
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Australia's vital statistics
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Accountants spy elder abuse spike as mortgage stress sets in
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Tax office releases fresh guidance on SMSFs
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Labor's tax plans could favour the rich, analysis shows
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FBT Reminder – Odometer Reading
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Our website is really our digital office.
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‘Substantiation will be a key focus’: ATO drums in tax time 2018 hit list
Article archive
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Quarter 1 January - March 2018
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Quarter 4 October - December 2017
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Quarter 3 July - September 2017
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Quarter 2 April - June 2017
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Quarter 1 January - March 2017
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 2 April - June 2016
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Quarter 2 of, 2015 archive
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Change to Early Access Rules
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Capital Gains Tax – which year?
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SMSFs may be missing out on allowable deductions
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Checklist for Employers Year-end
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Year-end Tax Planning – Small Business
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Year-end Tax Planning – Trusts
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Reminders and Tax Strategies for SMSFs pre-year end
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Year-end Tax Planning – Individuals
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Tips and traps for acquiring SMSF assets from related parties
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Overtime Payments May Eliminate Claims for Unfair Dismissal
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ACCC issues scam warning
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SME Dispute Resolution
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Land Tax – Victoria
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R&D incentives at risk
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ATO adds ‘hot issue’ to its SMSF target list
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Additional Super Contributions Not Appropriate for all
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Issues arising from an underpaid pension
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Salary and Superannuation after the death of an employee
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IPA calls for zero pc tax rate
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Budget 2015 - some professional opinions
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Australian Government - Budget 2015
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Looming end to SMSF Borrowings?
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ATO warns SMSFs on franking credits scheme
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Lump Sum Payments - Employer Reporting
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Small business tax cuts 'not enough', says IPA
Touch Payroll (STP)

Extensive STP resources can be found in a related article in last month's edition below.

       

 

There are some minor benefits to an employer, from reporting to the Australian Taxation Office (ATO) employee details with every pay.

An employer that has met its STP reporting obligations for an income year will not need to comply with the following obligations:-

  • Notification of withholding amounts
     
  • Annual payment summaries
     
  • Payment summaries for payments for termination of employment
     
  • Annual reports to the Commissioner
     
  • Part-year payment summaries

The ATO will be able to make the information currently recorded on an annual payment summary progressively available throughout the income year to employees on ATO Online.

The ATO will use the information collected through STP reporting to pre-fill employees’ income tax returns.

 

 

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