If you're one of the business owners who operate in the building and construction industry, and you pay contractors for providing building and construction services, you need to make some preparation for the Taxable Payments Annual Report (TPAR) which is due 28th of August each year. The Taxable payments annual report summarizes every payment you […]

The Australian government is definitely on a mission to stimulate the economy as it unveils SuperStream, which has the function of providing consistent and reliable electronic transactions for superannuation obligations. What is SuperStream? SuperStream is the government’s solution to the persistent cases of lost superannuation accounts and unclaimed money. Aside from this apparent problem, it […]

Doing the taxes for your small business or speaking to your accountant may not give a rush of pleasure at all, but it can save you for a lot of pressure in the future. By being tax-smart, you can get through the end of financial year stress-free. With the right preparation, you can minimise your […]

One of the controversial proposals in the Federal Budget 2015 of the Australian government is the revision of paid parental leave. Previously, employees could get their paid parental leave from their employers and the government, which led to the moniker, “Double Dipping”. This proposed Federal Budget 2015 revision focuses on limiting the paid parental leave […]

Hiring an employee can be a time consuming and expensive process as such businesses now are also considering the option were plausible to engage a contractor to perform the same work an employee would. However, a business wanting to engage a contractor instead of an employee must know the differences between the two and what […]

Australian citizens in the past have not been known for their tendency to save significant amounts of money for their retirement, which is why the government established a compulsory superannuation program where the employer that sets aside a percentage of the employee's earnings for their own retirement. Generally, employers have deposited these funds on the […]

Sometimes being an employee seems to offer minimal tax breaks and limited rewards compared to individuals who operate a business to derive their income - enter salary sacrificing. Let's take a look at the advantages of salary sacrifice. Salary sacrifice is a practice carried out by employers in agreement with employees where the employers reduce […]

There are times when fringe benefits are considered significant forms of compensation for employees, but they can actually get employees and their employers into tax trouble if they are reported and taxed inappropriately. So it is important that employers are aware of the federal laws governing fringe benefits so employers are aware of when they […]