upto $1080 tax cut for most taxpayers

In the 2019–20 Federal Budget the Government announced its intention to change and build on the Personal Income Tax Plan. These changes are now law. From the 2018–19 income year: The low and middle income tax offset increases from a maximum amount of $530 to $1,080 per annum and the base amount increases from $200…

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EOFY Tax planning guide

As the end of financial year approaching, we have put together a tax planning strategy to reduce your tax liability within the Tax laws. We have highlighted some of the end of year tax planning for you and your business. We would recommend booking an appointments ASAP. In order to work out the best approach…

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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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