Monthly Archives: May 2019
Single Touch Payroll webinar
Are you wondering what you should be doing in preparation of Single Touch Payroll?
Do you know that from 1st July all employers in the country are required to report how much every employee will be paid, the PAYG WH tax thereon as well as what their super will be at the time of payment? And yes whilst there are exemptions it just means more work later.
You need to be ready for Single Touch Payroll now or in the process of getting ready.
So do you know what you need to do before 1st July?
So do you know what you should be doing from 1st July?
If you can’t answer these questions then you need to attend out STP webinar on Tuesday 28th May at 5pm.
You can enrol by clicking on the following link:-
https://zoom.us/webinar/register/a10dbea62247ddf5d746f627e8486654
Improving cash flow
Want to improve your cash flow?
Not much of a question really – of course you do.
For some it is easy as making it easier for your customers. For those providing a good or a service, it can be as easy as taking payment upon or before delivery. And for some this can be as easy as using Square, Pay-pal and other such options.
You are asking for payment at the time – and isn’t easier to ask to be paid at the time of the exchange? You are also making it easier for your customer / patient to pay you.
Want other cash flow tips? We have hundreds obtained from our experience of working with a wide range of clients form different industries. Call us.
A lesson in tax planning
The 2019 Federal Election certainly proved to be a surprise.
It seems the Coalition is headed for a majority in the House of Representatives. The Senate, whilst heading towards again being hung, may have enough independents to vote with the Coalition on most legislation. So Labor’s tax policies as presented for the 2019 Federal Election will never see the light of day.
This all proved to be a classic lesson in tax planning.
In my mind, there are three golden rules of tax planning:-
- Never assume legislation will be passed,
- Never assume legislated passed matches wat was proposed in the first place, and
- If you decide to go down a particular path, make sure the payoff is relatively quick.
I spoke with one fund manager late last week who noted that they were having incredibly high inflows into portfolios low on or without franking credits. I wonder how quickly those same investors may now pull out. Bu extension, I also wonder how cashed up the fund may stay to accommodate what could be an equally high level of withdrawals.
Family Tax Benefit Part A
Those with family incomes under $53,728 receive the full amount of Family Tax Benefit Part A – that’s $4,753.84 for a child under 13, $6,184 for a child aged 13 to 15 as well as for those children aged 16 to 19 who met study requirements.
That’s a lot of money. In fact for a family with 12 and 14 year old children, the benefit is more than the tax to be deducted from a salary of $53,728.
The entitlement is reduced by 20% for every dollar of income in excess of $53,728.
One still receives a base rate of the Family Tax Benefit Part A of $1,525.16 for each child up until an income of $94,316. Thereafter, your entitlement reduces by 20% for every extra dollar of family income.
Income is defined as adjusted taxable income which includes reportable fringe benefits and reportable employer super contributions.
To receive this entitlement, you MUST lodge your Tax Return for the previous year by 30th June. So if you haven’t lodged your 2018 Tax Return you better get cracking!
Single Touch Payroll
Single Touch Payroll will apply to all employers from 1st July 2019. Whilst extensions have been offered we recommend not relying on them in the majority of cases as it will create more work later.
There are a number of things to do and matters that as an employer you need to have in order before July. Keep an eye out for notification of our upcoming webinar.
In that webinar we will set out the when, what, why and how of Single Touch Payroll.
We look forward to seeing you then.