Get Set for Taxable Payments Annual Report (TPAR) – Your Essential Guide
TPAR: Your Business Reporting Essentials With the start of the new financial year, businesses need to gear up for their Taxable Payments Annual Report (TPAR) if they’ve made payments to contractors in specific service categories. As a responsible business owner, it’s crucial to understand the requirements and deadlines associated with TPAR. Who Needs to Lodge a TPAR? If your business has made payments to contractors in the following service sectors during the financial year, you may need to lodge a TPAR: Building and Construction Cleaning Courier and Road Freight Information Technology Security, Investigation, or Surveillance Be sure to check if …
Understanding Personal Services Income (PSI) and Its Impact on Your Taxes
Understanding Personal Services Income (PSI) and Its Impact on Your Taxes As the financial landscape continues to evolve, it’s crucial for individuals and businesses to stay well-informed about various aspects of taxation that can significantly impact their financial well-being. One such critical area is “Personal Services Income” (PSI) – a concept that can affect how you complete your tax return and the deductions you can claim. Understanding Personal Services Income (PSI) Imagine you are working on a contract and more than half of your income is a result of your personal skills and efforts. In this scenario, you’re dealing with …
Tax Deductions update – What Business Owner’s Need To Know
As a small business owner, staying on top of changes to tax deductions is crucial to maximise your financial benefits. This tax time, there are a few key updates that you need to be aware of, especially if you operate your business from home or use a vehicle for business purposes. Let’s dive into the details and ensure you’re well-prepared for the upcoming tax season. Cents per Kilometre Method: A Boost for Car Expense Claims If you’re a sole trader or in a partnership with at least one individual partner, the cents per kilometre method is a viable option for …
Tax obligations – What to do when you cannot meet your tax obligations
We understand that meeting your tax obligations can be challenging at times, especially if you’re facing financial difficulties. However, it’s crucial to stay on top of your responsibilities, even if you’re unable to pay on time. Failure to meet tax obligations, such as not lodging your returns promptly, can lead to penalties. As of 1 July, the Commonwealth penalty unit amount has increased to $313 for infringements occurring on or after that date. At Journey2 Business & Personal Wealth, we want to help you navigate these difficulties and find a suitable solution. It’s important to reach out to us as …
Important Changes to Paid Parental Leave: What You Need to Know
Changes are being made to the paid parental leave scheme which will come into effect from 1st July 2023. These changes aim to enhance support for parents and provide greater flexibility in accessing benefits. Here’s a summary of what’s changing: Combination of Entitlements – Starting from 1st July 2023 – Current entitlement to 18 weeks’ paid parental leave pay combined with the current Dad and Partner Pay entitlement of 2 weeks’ pay – Partnered couples can now claim up to 20 weeks’ paid parental leave pay together – Single parents will still have access to the full 20 weeks Additional …
National Minimum Wage and Award Increase: Key Updates
The National Minimum wage and award will be increased effective from 1st July 2023. The National Minimum Wage will increase to $882.80 per week or $23.23 per hour for employees not covered by an award or registered agreement. Additionally, minimum award wages will see a 5.75% increase from the first full pay period starting on or after 1st July 2023. National Minimum Wage – Effective from 1st July 2023 – New rate: $882.80 per week or $23.23 per hour – Applicable to employees not covered by an award or registered agreement – First full pay period starting on or after …
ATO Strengthens Data-Matching Efforts to Ensure Fair Taxation
The Australian Taxation Office (ATO) is stepping up its data-matching capabilities to promote tax fairness and accuracy. By expanding its reach and gathering information from various sources, the ATO aims to prevent taxpayers from omitting income or exaggerating deductions during tax season. These measures are part of the ATO’s commitment to maintaining a level playing field and protecting taxpayers who fulfill their tax obligations. Data Sources and Sophisticated Programs To achieve its objectives, the ATO has broadened its data-matching network. It now receives data from property managers, landlord insurance providers, financial institutions involved in residential investment property loans, sharing economy …
Increase to the Heavy Vehicle Road User Charge – Fuel Tax Credit Increase
Effective July 1, 2023, there will be an increase in the heavy vehicle road user charge, as stated in the 2023–24 Federal Budget. Starting from July 1, 2023, heavy vehicles, including buses, coaches, and trucks, traveling on public roads will experience a reduction in the fuel tax credit rate. This adjustment is a result of the aforementioned increase in the road user charge. Over a span of three years, the heavy vehicle road user charge rate for diesel, petrol, and gaseous fuels will progressively rise by 6% annually. To ensure accurate fuel tax credits on your Business Activity Statements (BAS), …
NSW Government Launches Convenient Online Land Tax Management
The NSW Government has introduced a user-friendly digital platform to simplify land tax management. Integrated into the MyServiceNSW Account, this innovative service allows landowners to conveniently handle their land tax obligations alongside other online services. By leveraging this digital platform, individuals can effortlessly view and manage their land tax, lodge returns, access notices of assessments, make payments, and update communication preferences. Effortless Land Tax Management with MyServiceNSW Account The new digital platform streamlines land tax management, offering: 1. Online Access and Management: View and manage land tax conveniently online. 2. Efficient Processes: Lodge returns, request exemptions, and update property details …
Promoting Responsible AI Usage: The Australian Government Seeks Public Input
Artificial Intelligence (AI) has become an integral part of our lives, offering both benefits and risks. To ensure the ethical, safe, and responsible use of AI, the Australian Government is actively seeking public input. Building on its existing AI Ethics Framework, the government aims to explore voluntary and regulatory approaches to support responsible AI usage. Establishing a Foundation for Responsible AI Australia has already taken significant steps in adopting an AI Ethics Framework, which includes voluntary principles to ensure the safety and reliability of AI applications. Collaboration with major businesses has validated these principles, positioning Australia as a leader in …