GST is a broad-based tax of 10% on most supplies of goods and services consumed in Australia. However, GST does not apply to all supplies and most supplies by superannuation funds will not result in a liability for GST. A superannuation fund must register for GST if its turnover is greater than $75,000. Funds with
Paid Parental Leave and Dad & Partner Pay
Is your ‘work family’ about to gain a new member? Do you have an employee who is entitled to Paid Parental Leave or Dad & Partner Pay? As an employer, do you know what your obligations are in regard to Paid Parental Leave and Dad & Partner Pay? The Paid Parental Leave
Fuel Tax Credits
The Fuel Tax Act 2006 (FTA06) provides a single system of fuel tax credits applicable to fuel used in vehicles used for both private and business purposes. Fuel tax credits are claimed on the taxpayers Business Activity Statements. The fuel tax credit must be included as assessable income for income tax purposes and is not
Simplified GST for Small Food Retailers
For those in the food retail industry, GST-free sales and purchases can often be difficult to ascertain; what is purchased as GST-free may not necessarily be sold as GST-free as ingredients get converted into different saleable goods. Luckily, the ATO has come to the rescue with the creation of Simplified Accounting Methods (SAMs) especially designed
GST Adjustments
Events will occur where adjustments need to be made to the amount of GST paid or input tax credit claimed in a previous tax period. An adjustment is not a correction in error. An adjustment arises as a result of changes to transactions or the entities operations that result in an over/under payment of GST
2014 Federal Budget
The federal budget was delivered on 13 May 2014 presented by the Treasurer, the Hon Joe Hockey MP. I have listed below some of the main changes relating to income tax. (These tax reforms are yet to be imposed by legislation) Temporary Budget Repair Levy (TBRL) • Effective from 1 July 2014 to 30 June
What is payroll tax and do I have to pay it?
Payroll tax, while simple in concept, can prove tricky and often unexpected in certain circumstances. Basically, payroll tax is a tax on wages paid, however the problem arises when determining how much to pay and to whom. This is because tax roll tax is a State regulated tax with each state having different regulations, rates
