by Marketing | Jan 19, 2019 | Bookkeeping Services, Business Startup, Company Setup, Employment, Tradies
What is the Taxable Annual Reporting System? The building industry has been required to report payments to contractors/sub-contractors directly to the ATO for some time. The system is intended to capture payments made to contractors/sub-contractors and reported to the...
by Marketing | Jan 19, 2019 | BAS Bookkeeping, Employment, Payroll, Single Touch Payroll
From 1 July 2019, all employers who pay wages, withhold tax from wages and or contractors, make super contributions or pay fringe benefits will be required to report to the ATO under the Singe Touch Payroll (STP) system. Benefits: 1. Employers will no longer be...
by Marketing | Mar 13, 2014 | Employment, Income Tax - Individuals, Redundancy Payments
NOTE – These rules do not apply to Genuine Redundancy Payments. On 1 July 2012, the concessional tax treatment for ETPs changed. From that date there is an additional $180,000 non-indexed whole-of-income cap. This cap will apply with the existing ETP cap rules on some...
by Marketing | Mar 13, 2014 | Employment, Income Tax - Individuals, Redundancy Payments
Tax on ETP amounts can vary based on “Preservation Age”. ETP’s are also subject to caps – see this post. Preservation in the context of Eligible Termination Payments (ETP’s) determines the tax applicable to the payment. Preservation age is determined using...
by Marketing | Mar 13, 2014 | Employment, Income Tax - Individuals, Redundancy Payments
A genuine redundancy payment is a payment you receive because the job you were doing is abolished. That is, your employer has made a decision that the job you are doing no longer exists and your employment is to be terminated. A genuine redundancy has special tax...
by Marketing | Mar 13, 2014 | Employment, Income Tax - Individuals, Redundancy Payments
A genuine redundancy payment is a payment you receive because the job you were doing is abolished. That is, your employer has made a decision that the job you are doing no longer exists and your employment is to be terminated. A genuine redundancy has special tax...
