The Government has announced its economic response to the Coronavirus in the form of a $17.6 billion economic stimulus package. The package has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs. Whether it will be enough, only time will tell. We have already seen the impact the panic has had on the businesses, especially in travel and hospitality…  Read more

If you have been looking after your own BAS lodgments, and use ATO Business portal logging in with AUSKey, you will need to make some changes. AUSKey is being replaced by MyGovID at the end of March 2020. How exactly is MyGovID replacing AUSkey?   MyGovID and Relationship Authorisation Manager (RAM), provide a quick, easy and secure way for you to prove who you are when you access selected government…  Read more

Following the enactment of legislation in late 2019, the ATO can disclose certain business tax debt (ATO debt) information to external credit reporting bureaus. This information will primarily be used when issuing external creditworthiness reports in relation to relevant businesses, effectively treating tax debts in a similar manner to other business debts. The purpose of allowing the ATO to report ATO debt is to: encourage businesses to engage with the…  Read more

Did you come back to work and realised you have issues with Xero payroll? Well, there’s nothing wrong with the actual Xero payroll, but the ATO rules around salary sacrifice and superannuation have changed from 1 January 2020. Legislation changes from 1 January 2020 and how will Xero payroll cope From 1 January 2020, salary sacrificed super contributions can’t be used to reduce your super guarantee obligations, regardless of the amount…  Read more

What is Division 293 tax? Division 293 tax is the tax paid by high income individuals. It reduces the super tax concession they receive. Since 1 July 2012, high income earners are generally liable to pay Division 293 tax if their income for surcharge purposes (disregarding their reportable super contributions) and their low-tax contributions are greater than $300,000. This is to reduce the tax concession received on concessional contributions from 30%…  Read more