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Single Touch Payroll
Posted inBusiness Planning, Taxation
Employers with 20 or more employees gradually started using Single Touch Payroll (STP) from 1 July 2018, however if passed by Parliament employers with less than 20 staff will be require reporting through STP from 1 July 2019. Single Touch Payroll is a way of sending tax and super information directly to the ATO every time an employee is paid. Eventually the idea is that businesses will no longer need to provide employees with...
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$20,000 Instant Asset Write-Off
Posted inTaxation
With the government recently extending the $20,000 instant asset write-off to 30 June 2019, eligible small businesses now have just over 5 months to work out whether it’s beneficial to bring forward asset purchases in order to take advantage of the immediate deduction on offer. Small businesses with a turnover of less than $10 million are eligible, so long as the asset is first used or installed ready for use by the 30 June...
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TPRS Extended To 3 More Industries
Posted inTaxation
Those in the building and construction industry have been reporting contractor payment information to the ATO since 2012, with those in the cleaning and courier industries from 1 July 2018. However, in the May 2018 budget the government announced its plan to extend this reporting to three more industries from 1 July 2019, namely the road freight, IT and security, investigation or surveillance services industries. The Bill has now been enacted so from 1...
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QBCC Licensing Changes Coming Soon
Posted inTaxation
The Qld Government has announced new laws that strengthen and add compliance burden on those businesses in the building and construction industry that operate in Qld and require a QBCC license. The most notable change will begin on 1 January 2019 where mandatory annual reporting for all licenses will be re-introduced after being shown the door a few years back. Whilst there appears to be other new requirements coming into effect, along with granting the...
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Welcome to our new website
Posted inTaxation
All of us here at Ignite are excited about the launch of our new website. This new website really lays down the platform of what we are all about – great customer satisfaction, great attention to detail and prompt and accurate tax advice. If you have any queries you are welcome to call or email.
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