Exploring Single Touch Payroll Phase 2
Introduction In 2018, the Australian Government introduced Single Touch Payroll (STP), changing how employers report payroll information. Adhering to payroll rules is crucial for businesses to operate smoothly. Recently, the Australian Taxation Office (ATO) launched Single Touch Payroll (STP) Phase 2, bringing in major changes to employer reporting guidelines. In this detailed explanation, we’ll break […]
Fringe Benefits Tax for the Year 2024
Introduction As the end of the financial year approaches, businesses are dealing with various responsibilities, and one of them is understanding the Fringe Benefits Tax (FBT). In this detailed guide, we’ll break down the complexities of FBT for the year 2024. We’ll explore its different aspects, look at common benefits, discuss exemptions, and take a […]
Have You Requested Your Director Identification Number?
Director Identification Number (DIN) The director’s Identification Number (DIN) has become an important component. Similar to a tax file number, it is indispensable for directors across various companies, including those overseeing self-managed superannuation funds (SMSFs). The DIN system aims to enhance transparency, accountability, and regulatory compliance within the corporate sector by providing a standardised method […]
Understanding – PAYG Income Tax Instalment
The Pay As You Go (PAYG) system is important for individuals and businesses to handle their taxes well. One big part of this system is the PAYG income tax instalment. This is all about making sure that taxpayers can pay their taxes regularly and on time, without hurting their finances too much. It helps keep […]
Division 293 Tax: A Super Surcharge for Wealthier Individuals
Division 293 tax is a key aspect of Australia’s tax rules, aiming to ensure fairness in the superannuation system, especially for high-income individuals. It’s a way for the government to make sure that wealthier people contribute proportionally more to their superannuation. This tax specifically targets individuals with high incomes, reducing the tax benefits they receive on their […]
How to add Roger Boghani as your accountant (how to link your ABN to tax agent)
In response to recent security concerns, the Australian Taxation Office (ATO) has put in place new measures to enhance the safety of online services. Starting from November 13, 2023, businesses with an Australian Business Number (ABN) must select their accountants or tax agents before accessing their financial data. This blog will walk you through the simple steps […]
Assistance from Melbourne Accountants in Claiming GST Credits
In Australia, we have a tax called the Goods and Services Tax (GST) that applies to goods and services. If your business turnover is or expected to be more than $75,000 in a year, you need to register for GST. This means you’ll have to fill out a form called a BAS (Business Activity Statement) […]
Small Business Accountant Assistance for Record Keeping for PSI
Maintaining accurate business records is essential, especially when dealing with personal services income (PSI). If you’re unsure about PSI regulations, consulting professional small business accountants can provide guidance. It’s important to meticulously track both expenses and income to comprehend the flow of funds within your organisation. Keeping comprehensive records detailing all financial transactions, including those […]
7 Ways to Reduce the ATO’s Crypto Crackdown to Keep Your Profits
Hey, crypto investors! Have you invested time, energy, and capital into cryptocurrencies, only to face the looming threat of ATO’s crackdown? If not, then in the rapidly evolving world of cryptocurrencies, staying ahead of tax implications is critical for safeguarding your investments. The Australian Taxation Office (ATO) has intensified its scrutiny of crypto transactions, leaving […]
