Accounting & Financial Reporting
Taxable Payments Annual Reporting Essentials
ATO requires some industries and selected government entities to lodge a TPAR Operators in some Australian industries, as well as select government entities, are required by the ATO to lodge a taxable payment annual report (TPAR). The information provided in these reports provides the ATO with the information that allows it to identify contractors who […]
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Donations As Tax Deductions (What You Need To Know)
Tax deduction for a donation As most of us know, donations of $2 or more are deductible, and there is flexibility in the rules around donating to emergency relief bodies in that no receipt is required if giving less than $10 (so-called “bucket” donations). To be able to claim a tax deduction for a donation […]
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Third Party FBT Danger (What To Look Out For)
Non-cash components of remuneration provided by a third party provider Some businesses have tripped up in the past is when the source of benefits provided is not clear cut — that is, where non-cash components of remuneration are sourced not directly from an employer, but from an associate, a related company or from a third-party […]
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Single Touch Payroll (What You Need To Know)
What is Single Touch Payroll Reporting? Single Touch Payroll (STP) changes the way employers report their employees’ tax and super information to the ATO Using payroll or accounting software that offers STP, employers send their employees’ tax and super information to the ATO each time they run their payroll and pay their employees. The information […]
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The ATO Introduces The New “Similar Business Test”
Changes to the “same business test” What is ‘the same business’ test? One of the first tax legislation items the government dealt with in the new year was a bill that contained changes to the “same business” test. The same business test is relevant in a number of contexts, particularly in determining if a company […]
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Three-Quarter FBT Year Compliance Check-Up
FBT Elements that can attract ATO’s attention As the FBT year runs from 1 April to 31 March, the months of October to December marks the “third quarter” of the FBT year, and so here is an overview of the FBT elements that can attract the ATO’s attention. This can be a timely period for […]
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