Every business needs to operate through a business vehicle, whether it is a company, a partnership, a discretionary trust, a unit trust or a sole trader or a combination of these. Every 5 years of so, it is worth revisiting the whole structure issue – because things in your world change – your priorities change, seasons change, children grow up, people retire, tax law changes and relationships change.
Each structure has different implications for taxation, asset protection, access to small business concessions, process for admission of new parties, and transfers on death, and operating in the wrong structure will have adverse consequences.
Every persons situation has a need for assessing the issues that are most important and structuring to that end.
Give us a call if you wish us to review this for you.
STP Start Date and Deferral Lodgement
Single Touch Payroll started officially on 1 July 2019, however there was a three month automatic deferral given by the ATO to enable small businesses to get the software set-up complete. This means that the effective start date is 1 October 2019.
If you do not have a system set up to report your STP information, give us a call at the office and we can get you up and running. We can even log onto your computer from the office and do the installation for you.
It is worth noting that there are two ways to setup your STP software and this will depend on your software provider. You will either need an Auskey or you’ll need to advise the ATO of the software you are using.
Alternatively, each time you pay, you can give us the information and we are happy to lodge this for you using our own STP software provider.
If the only employees you have are shearers for a couple of times a year, this latest option could well suit you and save the purchase and setup of the STP software.
Superannuation End of Quarter
Since it is now the end of September/beginning of October, the employee superannuation needs to be lodged and paid for the July to September quarter by 28th October to enable you to make a tax deduction of the employee superannuation contributions.
Super Guarantee Amnesty Bill Re-Introduced
For those of you with outstanding obligations for employee superannuation, the amnesty for getting this put right has been introduced into Parliament.
This amnesty is to give 12 months for employers to gain a tax deduction and avoid the administration fees on superannuation that related to past periods. Given the lack of success in the previous Superannuation Amnesty, we don’t hold high hopes that this measure will make it into legislation.