There are many third party services popping up that make it possible for your car to earn some income while you are not using it, such as Car Next Door, Carhood or DriveMyCar Rentals. But, the ATO are now examining these arrangements to ensure everyone is paying their fair share of tax.
So there are extra rooms that you don’t use and it’s just occurred to you that the extra cash that could come in from renting a room or two on Airbnb outweighs the negatives of having a complete stranger in your home – OK, what do you need to be aware of?
Unfortunately the aim to save $2.4B over 4 years has complicated the Research and Development Tax Incentive Scheme (R&DTI) for companies with a turnover over $20M & reduced the benefits for the majority of claimants.
Single Touch Payroll (STP) is the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO. If you have more than 20 employees then you need to do something before 1 July 2018 – Yes, this year!
Have you been hearing scary stories about employers getting into trouble for not paying super for employees or paying a little bit late? Thinking it doesn’t apply to you and that it all works out in the end?