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ATO texts to update bank details

1 November 2018

From 5 to 23 November 2018, the ATO will be sending SMS text messages to individuals and businesses entitled to a refund who have provided incorrect bank account details in their tax return. You will receive a text directly from the ATO if a refund bounce occurs.

Many people are understandably wary about text messages and emails requesting bank details, considering the number of hoaxes and scams that abound these days.

It is important to be aware that ATO texts during this period are not a hoax and updating your bank details will ensure you receive your refund. BUT be warned, scammers are likely to impersonate the same SMS so you will need to carefully check the text for legitimacy.

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Single Touch Payroll

6 June 2018

Single Touch Payroll (STP) is a reporting change for employers to streamline payroll reporting to the ATO. As an employer, you will be required to report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information to the ATO through STP enabled software. You will report to the ATO each time you pay your employees. This change aligns ATO reporting to your pay cycle. Your pay cycle does not need to change and you can continue to pay your employees as you currently do such as weekly, fortnightly or monthly.

STP will come into effect from 1 July 2018 for employers with 20 or more employees and is intended to be expanded to include all employers from 1 July 2019, subject to legislation being passed in parliament.

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2018-19 Federal Budget – Planning for a stronger economy

10 May 2018

 On Tuesday the 8th May, the Federal Treasurer, the Hon, Scott Morrison handed down the Coalition Government's national budget for the 2018-19 Financial Year. Overall the stated focus of this budget is "sticking to our plan for a stronger economy". This is a budget preceding an election so a number of measures within this budget are designed to improve the Turnbull Government standing with voters. Most notably, there has been a key focus on delivering wins for voters in the form of tax cuts and more money in pockets. The budget will result in a forecast cash deficit of $14.5million for the 2018-19 financial year.

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NSW land tax thresholds for 2018

NSW land tax thresholds for 2018

27 March 2018

Land tax is a tax levied on the owners of land in New South Wales as at midnight on the 31 December of each year. Land tax applies to land regardless of whether income is earned from the land.

If you own any property in NSW that is not your principal place of residence as at midnight 31 December 2017, including a holiday house or unit, you may be liable to pay land tax.

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Single Touch Payroll - What is it and how does it affect me?

Single Touch Payroll - What is it and how does it affect me?

19 December 2017

The Australian Government has committed to enforcing Single Touch Payroll (STP) reporting, employers with 20 or more employees being required to be reporting from 1 July 2018 and all businesses required to be compliant by 1 July 2019.

At 1 April 2018 employers are required to have a headcount, and if at that date they are paying wages to 20 or more employees then they will need to ensure that their payroll software supports Single Touch Payroll reporting which will commence on 1 July 2018.

 

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