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News – March 2021

Changes to STP reporting concessions from 1 July 2021 Small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ payees through Single Touch Payroll ('STP').  Also, a quarterly STP reporting option applies to micro employers (four or fewer employees).  These concessions will end on 30 June 2021. The STP reporting changes that [...]

News – Feb 2021

New measures applying from 1 January 2021 The Government has provided an update of a number of new measures which came into effect from 1 January 2021, including (among others): The most significant changes to Australia’s insolvency framework in 30 years, which are intended to reduce costs, cut red tape and help more small businesses [...]

ATO says no more paper BAS

The ATO is suggesting the days of having activity statements issued on paper are fast approaching dinosaur status. Paper statements will not be issued when an activity statement is lodged electronically through one of four channels: Online services for agents, Standard Business Reporting (SBR) enabled software, Or when you link your myGov account to the ATO [...]

2020 tax cuts – business & individuals

The Government's 2020 Budget secured passage of legislation and contained some important measures, as summarised below: For individuals The Government brought forward 'Stage two' of their Personal Income Tax Plan by two years, so that, from 1 July 2020: The low-income tax offset increased from $445 to $700; The top threshold of the 19% tax [...]

Interest deferrals due to COVID-19

Many lenders have recently allowed borrowers with investment property loans to defer repayments for a period of time. While repayments are being deferred, interest (and fees) will usually be added to the loan balance (i.e., the deferred interest will be 'capitalised'). However, it is important to recognise in such situations that, while repayments are not [...]