The ATO are leading the charge with embracing new technology and reaching consumers with the recent release of their official podcast channel. A clever play on words, it is aptly named Tax InVoice. The ATO is being proactive and finding a more modern medium to educate and engage with Australian tax payers.
You might be pretty good at paying your employees their wages and PAYG tax payments are now automated when you do your BAS lodgements. However, what about super? This can often be a forgotten liability that a business faces. But did you know that like your BAS, super needs to be reported on and paid quarterly. Plus there are penalties that apply if you don’t.
BUDGET ROUNDUP: EDITION TWO
With only four weeks till the budget will be announced, speculation is growing over what it will include, and just how big that deficit will be.
BUDGET ROUNDUP: EDITION ONE
There is a strong focus on small business and what the impacts and benefits will be for those in small business, including the definition of what a small business is!
Public backlash following the proposed super changes has both sides of politics seemingly ducking for cover over their respective changes to super.
Each side is focusing on the taxing aspect when the real issue is about the retrospective nature of the proposed changes and how this impacts on the current contributions cap.
Doesn’t seem fair if you are in your 50’s and planned to maximise salary sacrifice super savings over the next 10 years.
Some argue the proposed super changes by government and Labor are a poor choice, so “let’s compare the pair” and if any of this really is retrospective.
Labor's policy: Plans to intorduce tax on super pension earnings above $75,000. Mind you this is on balances accumulated in the past under existing rules, this is also retrospective.
Fairness is the current political currency catchcry, so how is retrospective super rule changes fair?
Some say Scott Morrison’s 2016 Federal budget attack on superannuation is an ill-advised disguised attempt to raise revenue to balance the books and repair the budget, at the expense of hundreds of thousands of super members who trusted a government that said no changes to super at the last election.
A WIN for Small Business & Technology Startups, punishing for rich Retirees....
Scott Morrison delivered the initiatives needed for small business to lead the way on building our economy into the future. Here's our take on the #Budget2016.
Outside of tax and compliance, the 2013 Federal Election also saw changes in superannuation that would impact SME owners in a significant way. Most notably, the introduction of SuperStream, which is explored in more detail below.
On 1 July 2011, the Government commenced the implementation of the ATO administered SuperStream, a package of measures designed to enhance the 'back office' of superannuation using: