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?
The Small Business Entity threshold has increased to $10 million from 1 July 2016 onwards (became law on 19th May 2017). Previously the Small Business Entity threshold was $2 million. Basically, you are a Small Business Entity if you carry on a business and have an aggregated turnover of less than $10 million.