This week, the Federal Government passed legislation that requires employers of all sizes to electronically file each pay run with the ATO using Single Touch Payroll from 1 July 2019.
Whether you’ve newly purchased or have a well-established operation, preparing your Management Rights business for sale is an important scenario to consider in the back of your mind.
I have put together a handy tax update so you can ensure none of the following taxation topics have slipped past your radar.
In your management rights business, do you use online travel agents (OTAs) to book travel products and services online?
Foreign Resident Capital Gains Withholding (FRCGW) first applied to vendors disposing of certain taxable Australian property under contracts entered into from 1 July 2016. A 10% non-final withholding was applied to these transactions at settlement.
The 2017 Federal Budget has been handed down, responded to, cut up, reviewed, supported, dismissed as too Labor or too political. Whatever individual argument is thrown at the Budget, I see it as a nothing Budget – another 12 months for Australia to prod through until next May.
In the 2016-17 Budget, the Government announced that it will reduce the corporate tax rate progressively from 30% to 25%.
New superannuation legislation will take effect from 1 July 2017. It has received Royal Assent so will apply in its present form.