Entries by Salisbury Accountants & Business Advisors

Taxable payments annual report (TPAR)

May 10, 2021 in /by

It’s not just businesses that pay contractors in the building and construction industry that need to lodge a TPAR

The ATO’s taxable payments reporting system (TPRS) is a black economy measure designed to assist the ATO identify contractors who don’t report or under-report their income.

The ATO estimates that around 280,000 businesses need to lodge […]

Family trust elections

May 3, 2021 in /by

Review your family trust elections to get your tax right

A family trust for tax purposes is one whose trustee has made a valid family trust election (FTE).

The FTE entitles the trust to access certain concessions, however family trust distribution tax (FTDT) is imposed when distributions are made outside the family group.

Example

The […]

Rural Aid flood assistance

April 28, 2021 in /by

Are you a primary producer in need of flood assistance?

Rural Aid is proud of its support of farmers and rural communities suffering the effects of drought, flood, fire or natural disaster.

Farmers are a proud bunch. Many won’t ask for help. Some suffer in silence, but Rural Aid is changing that.

To allow Rural […]

Changes to STP reporting from 1 July

April 26, 2021 in /by

This may affect how you report to the Tax Office

There are changes to STP reporting for small employers with closely held payees and quarterly reporting for micro employers from 1 July 2021.

Employers should be reporting through Single Touch Payroll (STP) unless they only have closely held payees, or they are covered by a deferral […]

Changes to company tax rates

April 21, 2021 in /by

There are changes to the company tax rates

The full company tax rate is 30% and the lower company tax rate is 27.5%.

This page shows when to apply the lower rate and how to work out franking credits.

Company tax rates apply to:

companies corporate unit trusts public trading trusts.

The full company tax […]

Action required: Reduce your 2021 tax

April 12, 2021 in /by

The end of financial year is approaching quickly

Now is the time to discuss with us the actions you can take before 30 June 2021 to reduce your tax and access additional cash flow.

For 2021, key priorities are likely to include:

Deferring taxable income Bringing forward deductible expenses Maximising superannuation contributions without exceeding the […]

VIC solar and energy programs

April 6, 2021 in /by

Small business Energy Saver program

The Small Business Energy Saver program provides a bonus incentive to small businesses to upgrade equipment to increase energy efficiency.

The Victorian Energy Upgrades program provides support to medium and large businesses. This program specifically caters for Victorian Energy Upgrades to small businesses.

Small businesses must:

have 1 to 19 […]

Boosting Apprenticeship Commencements wage subsidy program

March 29, 2021 in /by

Thousands of New Apprentice and Trainee Jobs

The targeted wage subsidy program, as part of the Government’s National Economic Recovery Plan, is being expanded

As a result, tens of thousands of new job opportunities will be created for apprentices and trainees across Australia.

The Boosting Apprenticeship Commencements wage subsidy program is fully subscribed, helping […]