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Tax Changes & Useful Information

Useful Websites:

www.abr.business.gov.au - search for ABN for a supplier to check GST status

www.abr.gov.au/auskey - register for an Auskey to gain access to the ATO Business Portal

www.ato.gov.au/SuperStreamChecklist - checklist for employers to get Super Stream Ready

www.ato.gov.au/sbsch - register as an employer at the ATO Superannuation Clearing House

 

 

Changes to Small Business Threshold 2016/17 now passed:

*Small businesses with an aggregated turnover of $10 million or less can access small business tax concessions as follows:
- Immediate deductibility of small business start-up expenses and prepaid business expenses
- Simpler deprecation and trading stock rules
- Rollover of restructures
- Accounting for GST on a cash basis
- Annual appotionment of ITC for acquisitions and importations that are partly creditable
- Paying GST by quarterly instalments
- FBT car parking exemption
- PAYG instalments based on GDP adjusted notional tax


*Small businesses with an aggregated turnover of $5 million or less can also access the small business income tax offset
*Small businesses with an aggregated turnover of $2 million or less can also access the small business CGT concessions

 

FBT Rates 2017/18: (From 1/4/17):

*FBT Rate is 47%
*FBT Type 1 gross up rate is 2.0802 and Type 2 is 1.8868
*FBT Benchmark interest rate is 5.25%
 

Superannuation and Termination Pay Thresholds 2017/18:

*Concessional contributions cap is $25,000 for all employees (includes SGC and salary sacrifice contributions)
*Maximum contributions base is $52,760 per quarter (employers are not required to pay super on an employee's total earnings above this amount)
*Tax Free Portion for Genuine Redundancy (Lump Sum D) is $10,155 base amount plus $5,078 for each whole year
of competed service (payments within these limits are exempt from income tax and do not form part of an ETP)
*Super Co-Contribution by the government of up to $500 for an employee making after-tax contributions, earning less than $51,813 per annum, and not deriving all their income from self-employment

Penalty Rate Changes 2017/18:

 *Changes to Public Holiday and Sunday penalties will apply from 1/7/17 as follows:
RETAIL AWARD
Sunday Penalty Rates - 150% for full time and part time employees, 175% for casuals
Public Holiday Rates - 225% for full time and part time employees, 250% for casuals
FAST FOOD AWARD
Sunday Penalty Rates (Level 1) - 125% for full time and part time employees, 150% for casuals
Public Holiday Rates (Level 1) - 225% for full time and part time employees, 250% for casuals
RESTAURANT AWARD
Public Holiday Rates - 225% for full time and part time employees, 250% for casuals
Early Morning Penalty - 15% will apply from midnight until 6am (previously 7am)
PHARMACY AWARD
Sunday Penalty Rates (from 7am to 9am) - 150% for full time and part time employees, 175% for casuals
Public Holiday Rates - 225% for full time and part time employees, 250% for casuals
HOSPITALITY AWARD
Sunday Penalty Rates - 150% for full time and part time employees, 175% for casuals
Public Holiday Rates - 225% for full time and part time employees, 250% for casuals

  

Important Dates 2017/18:

14/7/17 - Employers must issue 2017 PAYG Witholding Payment Summaries to employees

28/7/17 - First Cut-Off Date for BAS June 17 Qtr Payment and Lodgement (lodge paper copy)

28/7/17 - SGC Superannuation for June 17 Qtr Due

11/8/17 - Second Cut-Off Date for BAS June 17 Qtr Payment and Lodgement (lodge electronically using Business Portal)

14/8/17 - PAYG Withholdings Payment Summary 2017 Annual Report Due (lodge empdupe file with ATO)

25/8/17 - Final Cut-Off Date for BAS June 17 Qtr Payment and Lodgement (lodge electroncially using Tax Agents Portal)

28/8/17 - Taxable Payments 2017 Annual Report for Contractors Due (lodge electronically with ATO)

 

Budget Changes 2016/17:

Personal Taxation:  From 1/7/16 the 37% income tax threshold will increase to $87,000 pa from $80,000 pa

Business Taxation:  From 1/7/16 the company tax rate for small businesses will reduce to 27.5% (currently 28.5%)

Superannuation:  From 3/6/16 a lifetime cap on non-concessional (after tax) superannuation contributions of $500,000 will apply

 

Superstream Compliance:

*Employers with less than 20 employees have until 28/10/16 (extended from 1/7/16)
Please see link above for ATO CheckList.

 

 ATO Superannuation Clearing House:

*Available FREE to all small businesses with a turnover of less than $2 million.
*No longer a limit to businesses with fewer than 20 employees.

Increasing Withholding Tax from Wages from 1/2/15:

*No longer required to complete a Withholding Declaration Form.
*Sufficient to get this request from the employee in writing which can include an email.

GST on Credit Card Surcharge:

*The ATO has made a determination that a credit card surcharge forms part of the consideration for that good or service.  As such, the GST status of the surcharge is the same as that of the good or service.  If the supply is GST exempt, then the credit card surcharge is also GST exempt.

Tax Changes from 1/7/14:

*Temporary Budget Repair Levy of 2% from 1/7/14 to 30/6/17-where an individual's taxable income is over $180,000
*Medicare Levy increased to 2% (previously 1.5%) from 1/7/14 - new tax tables will need to be installed 

*SGC rate increased to 9.5% (previously 9.25%) from 1/7/14 - but will stay this rate until 30/6/18
*Super Contributions Cap of $35,000 (49 and over) or $30,000 (under 49) from 1/7/14
*Family Tax Benefit A & B - freezing indexation from 1/7/14
*Cessation of First Home Saver Accounts from 1/7/14 - no further co-contribution payment by the Government
*"Restart" Subsidy for Employers Hiring Australians 50 years and over from 1/7/14 - up to $10,000 over 24 mths

Taxable Payments Reporting for Building and Construction Industry from 1/7/13:

*Taxable Payments Annual Report for 2013/14 is due to the ATO by 21/7/14 (or by 21/8/14 if lodged by a tax agent)
*This report can be produced in the latest versions of MYOB as a file which can be lodged online using the Business Portal
*You will need to report if your business operates in the building and construction industry and makes payments to contactors for building and construction services.
*Any further queries, please contact us :)

 

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