March 2019 Newsletter

Please click on the following link to view our monthly accounting/tax newsletter for March 2019:

March – 2019

We would like to highlight the following articles in this month’s newsletter:-

Single Touch Payroll reporting for small businesses – Legislation has recently passed to bring in Single Touch Payroll (STP) reporting for all small employers (with fewer than 20 employees) from 1 July 2019. STP is a payday reporting arrangement where employers need to send tax and superannuation information to the ATO from their payroll or accounting software each time they pay their employees. For large employers (with 20 or more employees), STP reporting started from 1 July 2018. It is important that your payroll software is ready from 1 July 2019, hence, please contact us.

Super guarantee compliance – The government is proposing a 12-month “amnesty” for employers to voluntarily disclose and correct any historical underpayments of super guarantee contributions for any period up to 31 March 2018 without incurring penalties or the usual administration fee. If you’re an employer with outstanding underpayments of super guarantee contributions, please contact us.

Proposed increase for small business instant asset write-off – Prime Minister Scott Morrison recently announced the government’s intention to increase the instant asset write-off already available for small businesses from $20,000 to $25,000. Mr Morrison also said that the instant write-off would be extended by another 12 months to 30 June 2020. These measures are expected to benefit more than three million eligible small businesses to access the expanded accelerated depreciation rules for assets costing less than $25,000.

If you have any queries in regards to your tax and accounting matters, please do not hesitate to contact us to discuss further.