March 2015 Tax Talk – Business Accountants Cairns

By 1 March, 2015News
View The Full March 2015 Tax Talk Here

In this issue of Tax Talk, we cover:

A Small Business Tax Cut has been announced by the Prime Minister, with the cut being “…at least as big as the 1.5% cut previously flagged.”

The Director Penalty Regime is a new initiative by the ATO with an accompanying fact sheet to make Directors aware of their obligations in relation to unpaid and undeclared PAYG arrangements.

Time Limits For Family Assistance Payments are in effect, meaning taxpayers who want to claim this assistance payment have until the 30th of June to lodge for it.

Single Touch Payroll is on the horizon, which will bring new requirements for employers to electronically submit payroll and super information via purpose designed software applications. Further information on this change is detailed in the full Tax Talk, and if you require help with enacting this change, please contact our team at Trinity Accountants.

Pension Deeming Rates will be lowered from the 20th of March, 2015. These rates will be part of the social security income test.

The Working With Children Check can be deducted under certain conditions. If you have purchased this check, and would like to know if it was deductible or not, contact our team and we can sort it out for you.