Author: Woottons

Single Touch Payroll

What is it? Single Touch Payroll (STP) will change the way you report your employees’ payroll information to the Australian Taxation Office (ATO).Once setup your payroll software will report payments such as salaries and wages, PAYG withholding and super information to the ATO each time you pay your employees. When does it begin? Reporting for…
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Downsizer Contributions

The ‘downsizer’ contribution came into effect on 1 July 2018 and allows an eligible person to contribute and additional amount to superannuation of up to $300,000 per member, without the need to satisfy normal tests relating to superannuation contribution eligibility (including the work and total super balance tests). These contributions will not count towards the…
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July 2018 – Update

Personal Income Tax Cuts passed! Parliament has passed the Government’s Personal Income Tax plan, meaning that the first stage of the proposed income tax cuts will start to take effect from 1 July 2018. To recap the first stage of the plan was to legislate the $530 low and middle-income tax offset and raise the…
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