14 June 2019
We are once again fielding a team for the City2Surf challenge in Sydney on 11 August 2019.
5 April 2019
Last night we witnessed Bill Shorten releasing Labor’s 2019 Budget in reply speech. Today we compare the measures within the Liberal Governments budget and Labor’s response to decipher what it means for our clients.
3 April 2019
On Tuesday 2nd April, the Federal Treasurer, the Hon Josh Frydenberg, handed down the Coalition Government’s national budget for the 2019-20 Financial Year. In the budget the Treasurer announced a return to a budget surplus, with a surplus of $7.1 billion for 2019-20.
The clear focus was to bring the budget back to surplus without increasing taxes. There is no significant taxation reform announced in this budget, but there are a number of mostly minor tweaks to the current system.
There is a theme in this budget to provide for future growth without burdening future Australians to fund these measures while still delivering tax relief.
This is a budget preceding an election, so there are a number of measures within this budget that are designed to improve the Morrison Government’s standing with voters.
20 February 2019
The Personal Property Securities Register (PPSR) was established seven years ago by the Australian Financial Security Authority and is a national online register that allows security interests in personal property (such as cars and equipment) to be registered. On 30 January 2019, the PPSR will be seven years old and as such many registrations may now have expired, or be approaching their expiry date. If you have interests registered and haven’t checked the expiry date, we encourage you to log into the PPSR and request a free 'registrations due to expire report'.
What is the PPSR
For those of you unfamiliar with the PPSR, it is a central registry where:
- You can register a claim over property that you have leased, financed or sold under invoice or consignment terms to protect your interest in the property;
- You can check if an item of personal property has a claim over it. For example, you can check to make sure there isn’t a claim over a 2nd hand car you may wish to purchase which for a small fee is a worthwhile exercise to do.
14 February 2019
On Tuesday legislation passed to extend the Single Touch Payroll (STP) system to businesses with fewer than 20 employees, changing the way small business employers report their employee’s tax and super information to the ATO.
Legislation for employers with 20 or more employees was passed in July 2018. The new reporting rules for employers with less than 20 employees will apply from 1 July, 2019.
The change means information on wages, deductions and super will be provided in real-time from all Australian businesses, regardless of workforce size.
According to data from the Australian Bureau of Statistics (ABS) reported by Accountants Daily, “there are approximately 781,908 businesses with 19 or fewer employees in Australia. That’s about 36.8 per cent of Australian businesses that will be impacted by the extension of the STP system.”
STP is considered by many in the financial sector to be one of the biggest tax reporting changes since the introduction of the Goods & Services Tax (GST) in 2000.
For employers with less than five employees, cheaper payroll options may be available to lessen the financial impact of STP. If you are one of these employers please contact your Boyce accountant to discuss your options.