Payroll Tax Exclusion for Contractors
Revenue ruling PTA-021v2 has been published following public consultation. It deals with the payroll tax exclusion for contractors who ordinarily provide services to the public and addresses these issues:
• Certain contractors are deemed to be employees, and payments to them are deemed to be taxable wages.
• Certain contractors are not deemed to be employees and payments to them are not deemed to be taxable wages if the Commissioner of State Revenue is satisfied that the contractors ordinarily perform services of the same kind to the public generally in the relevant financial year.
Residential Purchase & First Home Buyer Incentives – Victoria
The Victorian and Federal Government’s have released a number of incentives for residential purchase and first home buyers.
Moving Forward – Where Is The Economy Heading?
Federal and state governments have been remarkably generous in their financial packages. At some point we will have to repay the debt.
Early Release of Super
If you have been financially affected by COVID-19, you may be able to access some of your superannuation early.
Eligible citizens and permanent residents of Australia or New Zealand can apply for up to $10,000 in 2019–20 and up to a further $10,000 in 2020–21.
Superannuation Guarantee Amnesty
The government introduced a superannuation guarantee amnesty. The amnesty allows employers to disclose and pay previously unpaid super guarantee charge without penalties
Economic Stimulus Package
03 9417 3511 enquiries@respl.com.au Level 1/1G Marine Parade Abbotsford 3067 Vic Facebook Linkedin Instagram Suttie Financial Group About Accounting & Tax Financial Planning Finance Broking SMSF Contact Us Chilli Bookkeeping News Careers with Suttie Financial Group ECONOMIC STIMULUS PACKAGE The Morrison Government has today announced a $17.6 billion economic plan to keep Australians in jobs, […]
Downsizer contributions into superannuation
From 1 July 2018, if you are 65 years old or older and meet the eligibility
requirements, you may be able to choose to make a downsizer contribution into
your superannuation of up to $300,000 from the proceeds of selling your home.
Investors’ bear brunt of ‘loyalty tax’
According to the Reserve Bank of Australia’s (RBA) latest Lenders Interest Rates data, existing variable rate home loan customers were charged an interest rate over 30 bps higher than new customers over the month of December.
ATO Target Lifestyle Assets
The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own luxury assets such as marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircrafts.
ATO watching for foreign income this Tax Time
The Australian Taxation Office (ATO) is urging taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time.