Budget overview

Individuals The previously legislated Low and Medium tax offset of $530 (2018-19 Budget) will now be increased to $1080 per year for single and amount is $2160 for couple and the base amount will increase from $200 to $255 per year from 2018-19 to 2021-22 financial year. Based on new Low and Medium Income Tax…

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What is Taxable Payment Annual Reporting or TPAR?

This is the report lodged to ATO for the contractor payments you have made during the financial year. This tells ATO about the payments are made to the contractors for providing services. Contractors can include subcontractors, consultants and independent contractors. They can be operating as sole traders (individuals), companies, partnerships or trusts. Am I required…

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Single Touch Payroll

Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO. Single Touch Payroll is a requirement for 19 or less employees from 01/07/2019. Some exemption available to closely held entities. If you are using a solution that offers STP reporting, such as payroll or accounting software, you will…

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Dealing with tax and renting via Airbnb

Dealing with tax and renting via Airbnb Airbnb is one of many examples of the “sharing economy” — connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred to as “hosts”, to rent out a room of their house…

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  Franchising and tax in Australia  If you are an owner of Franchised business or you are planning to buy franchise you need to know this.   The Australian Competition & Consumer Commission (ACCC) is the government body responsible for enforcing the Franchising Code of Conduct, and if you or someone you know are considering…

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