Tax Changes & Useful Information

Useful Websites:

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

www.worksafe.vic.gov.au/employer - lodge your Workcover Rateable Remuneration Declaration online

www.bp.ato.gov.au - log in to the ATO Business Portal to lodge your BAS/Super/JobKeeper Claim online

ATO Superannuation Clearing House:

*Has moved to the ATO Business Portal from 26/2/18 - you will need a MyGovID Login to access this

*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.

Superannuation and Termination Pay Thresholds 2019/20

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 $10,638 base amount plus $5,320 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 Guarantee Rate is 9.5% of Ordinary Time Earnings
Due Dates: Sept 19 Qtr - due 28/10/2019,

Dec 19 Qtr - due 28/2/2020,

March 20 Qtr - due 28/4/2020, and

June 20 Qtr - due 28/7/2020

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.
Taxable Payments Reporting:
- Taxable Payments Annual Report for 2019/20 is due to the ATO by 25/8/20
- This report can be produced in the latest versions of MYOB as a TPAR file which can be lodged online using the ATO Business Portal (saves manual completion of ATO paperwork)
- You will need to report to the ATO if your business operates in the building and construction, cleaning, IT consulting, and courier industries and makes payments to contactors for these services.