Reminder of small business tax cuts

The ATO has reminded taxpayers that from 1 July 2015, a new two tier company tax system took effect and applies to all companies

This sees the whole of a company’s taxable income subject to the following rates:

  • 28.5% if the company’s aggregated turnover is below $2million
  • 30% if the company’s aggregated turnover is equal or above $2 Million 

ATO Advice to employers use Super Stream to cut admin by 70%

The ATO has reported that Super Stream is apparently reducing the time employers spend on super by around 70%. With only two quarters left until Super Stream becomes mandatory, now is a good time for employers to adopt Super Stream and familiarize themselves with it before the deadline. Now is a good time to check that your Super Stream options is ready, whether that be your payroll software, your super fund’s online payment system or a clearing house like that ATO’s Small Business Superannuation Clearing House.

ATO reviewing taxable payments annual reports

The ATO has advised that it is contacting businesses in the building and construction industry about information provided on their Taxable payments annual report, where the businesses have:

  • provided a report with missing or invalid ABN’s
  • included amounts paid for GST when the contractor isn’t registered
  • Not lodged a report when they are required to

Check for lost super

The threshold for lost super is increasing from $2,000 to $4,000. Inactive or uncontactable accounts with a balance below this threshold are required to be transferred by APRA-regulated funds to the ATO. IF you need any assistance please contact Sanjay at this office.