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As a taxpayer, if you use your own car for work purposes, you can claim a tax deduction using one of two methods — the cents per kilometre method or the logbook method. If you use someone else’s car for work purposes, you can only claim for direct costs you pay for...

There’s recently been a big tax law change that may reduce the tax deductions for many businesses across Australia. This may happen if you: 1. Don’t lodge your BAS’s on time; or 2. Don’t lodge your payroll each week using Single Touch Payroll (STP); or 3. Don’t...

Historically the ATO was able to issue lockdown Director Penalty Notices for unpaid superannuation if SGC Statements were not lodged within three months of superannuation being due for payment. However, in May 2019 legislation came into effect, which shortened the...

The Minimum Wage Panel on 30 May 2019 handed down its minimum wage decision for 2019. From the first pay period commencing on or after 1 July 2019, the National Minimum Wage will increase to $740.80 per week, or $19.49 per hour. What this means for you: 1. Employers...

This year’s Budget is rather unique as it occurred just before a federal election. While there are many parts of this years' Budget that apply to future years, we have summarised below the key changes you need to know about for the next 12 months. Remember, if the...

WHAT IS SINGLE TOUCH PAYROLL? Single Touch Payroll is a Government initiative that will change the way you report on your payroll to the ATO from 1 July 2019. Under Single Touch Payroll (STP), all businesses will report on salary or wages, pay as you go (PAYG)...

If you’re in the building and construction industry, there are changes coming to how the Queensland Building and Construction Commission (QBCC) will require reporting, starting from as early as 1 January 2019. Due to changes in legislation in 2014 that has prevented...

Earlier this week the Government announced an increase to the Small Business Instant Asset Write-off threshold from $20,000 to $25,000 effective 29 January 2019, and an extension to the availability of the write-off to 30 June 2020. This extends both the threshold for...

Extension of Small Business Instant Asset Write-Off The Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018 was yesterday passed by the Parliament into law. The Bill extends by 12 months to 30 June 2019 the period during which...