Tax Tips

Streamlined Reporting with Single Touch Payroll

Single Touch Payroll is a reporting change for employers. Employers will be required to report payments (salaries, wages, allowances, deductions eg.) PAYG withholding and super information directly to the ATO at the same time they pay their employees. Current payroll software systems will need to be updated to ensure the latest version integrates with the Single Touch Payroll system. Watch the ATO's short overview of Single Touch Payroll http://bit.ly/2iNlN18.

Employers with 20 or more employees will need to be reporting using Single Touch Payroll by 1 July 2018.

More information about the system can be found on the ATO's website. Further information for employers can be found here. Information on how the system will affect employees can be found here.

Employees with 19 or less employees may be required to use Single Touch Payroll from 1 July 2019 depending on legislation being passed. We will keep you updated with any changes and you can continue with current reporting practices until changes have officially been legislated.

Not sure if you need to use it? Don't know if you're already using? Confused how to navigate the system? Contact our team today and we'll help make the process smooth for you.

 


Claiming Fuel Tax Credits

Running a business and use fuel in your truck?  on the farm?  or for other business machinery?  A couple of tips for helping to claim your fuel tax credits correctly are below:

  • Make sure you are using the correct and most updated rates, latest rates are from 1st July 2017. Calculator can be viewed here.
  • Use simplified methods of claiming that best suit your business (if you are claiming less than $10K in credits per year);
    • Use one rate in a BAS period
    • Work out your litres
    • Simplified record keeping

More details of these methods can be found at the ATO website here, or by chatting to our team who can walk you through everything you need to know about claiming fuel tax credits.

 

Superannuation Changes 2017

Were you aware that changes were made to the superannuation system from 1 July 2017?

Now is the time to contact us for more details if you're looking into your super. Changes affect those who earn less than $40,000 pa, are making extra contributions to your super, earning over $250k or are reaching retirement.

A detailed breakdown of the changes can be found on our Fact Sheet here. Contact us if you have any questions.


Claiming for a Donation or Gift

You may be able to claim a deduction on your tax return if you donated to a Deductible Gift Recipient (DGR).

For monetary gifts the whole value can be claimed (over $2AUD). Property gifts however are regulated differently depending on the type and value of the property. Chat to our team for more information.

Gifts or donations which provide you with a personal benefit cannot be claimed. These include;

  • raffle tickets
  • products e.g. chocolates or pens
  • costs of attending fundraising dinners
  • membership fees
  • payments where you have an understanding with the recipient that the payments will be used to provide a benefit to you.
The ATO has a list of approved DGRs, and read more about claiming gifts and donations at https://ato.gov.au/giftsdonations

 


Deductions for Specific Industries & Occupations

You may be eligible to claim deductions for expenses that directly relate to your work as an employee.

The Australian Taxation Office has compiled some easy read guides for specific industries and occupations to help with correctly claiming work-related expenses that you are entitled to. Click through the links below for more information.

Learn more about claiming deductions for other industries at the ATO website here.


Travelling for Work?

If you're required to travel for work, you may be able to claim costs like meals, accommodation and car hire.

You'll need records to demonstrate:

  • the travel was for work purposes
  • your employer required you to be away from home for the night
  • you spent the money and were not reimbursed

Learn more about travel expenses and whether you're eligible to claim at https://ato.gov.au/travelexpenses