FURTHER REDUCED PAYROLL TAX FOR REGIONAL BUSINESSES

Principal Lawyer - Harwood Andrews Lawyers

Since 1 July 2017, a lower Victoria payroll tax rate of 3.65% has applied to wages paid by regional employers. This rate was further reduced to 2.425% from 1 July 2018. The 2019 State Budget announced further payroll tax cuts for regional businesses, from its current rate of 2.425% to 1.2125% by 2022-23, which should…

How the tax man can help your business purchase new equipment

Marketing Manager - Sinclair Wilson

The end of the financial year is nigh! And as it approaches, so does the window to purchase new equipment or update a vehicle for your business. Last year, the Federal Government introduced legislation that extended and boosted its small business instant asset tax write-off. This means that if your business is eligible (speak to us…

Single Touch Payroll – are you ready to go?

Marketing Manager - Sinclair Wilson

Single Touch Payroll (STP) is a new way of reporting Tax and Super information to the Australian Tax Office. From 1 July 2019, all Australian businesses must, by law, process employees’ pay, tax and super information via an online payroll system that is STP-compliant. It’s being referred to as, ‘real-time payroll reporting’ – because it means the ATO will be capturing real-time…

Pay Roll Tax Cuts in Regional Victoria

Principal Lawyer - Harwood Andrews Lawyers

New data has shown how businesses across regional Victoria have taken advantage of the Victorian Government’s regional payroll tax cuts.  The numbers show businesses have saved more than $31 million in the first financial year it was introduced. Since 1 July 2017, a lower Victoria payroll tax rate of 3.65% has applied to wages paid…

Further clarity on payroll tax for contractors

Principal Lawyer - Harwood Andrews Lawyers

As payroll tax provisions come under increased scrutiny by Revenue Offices, another case has provided clarity on how they should be interpreted. In Nationwide Towing & Transport Pty Ltd v Commissioner of State Revenue (No 2) [2018] VSC 609, the Victorian Supreme Court has dealt the Victorian State Revenue Office a blow by setting aside…

Cryptocurrencies – Keep Your Records

Principal Lawyer - Harwood Andrews Lawyers

In light of the ATO’s current position that income from cryptocurrency sales will generally be taxed under capital gains tax (CGT) provisions and increased scrutiny on cryptocurrency transactions, taxpayers should ensure they keep accurate records of cryptocurrency transactions. Its slightly ironic given the nature of most cryptocurrencies, however the CGT record-keeping rules require taxpayers keep…