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2019/20 Boyce Budget Summary

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.

 

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Be Cyber Alert

20 December 2018

December is a prime time for virus, malware (malicious software) and phishing emails because people are busy and it's easy to get distracted. While there are gifts to be purchased, food to be prepared and parties to be attended, we recommend that you remain vigilant with emails to ensure your computers and data are protected.

Here are some things to remember:

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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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