Bookkeeping Blog
Advice and tips for Australian Businesses
Did you know changes from 1st March 2020 changes take effect to those on Annualised Salary Arrangements?
As from March 1st 2020 there are now changes being made to the way employers form and monitor employee salary arrangements.
In a nutshell they will affect employers who set off their wage rates against modern award entitlements, this is a great link which shows which awards are being affected.
So if you have any questions about this, let me know.
Maree Punzet
Maree’s Mobile Bookkeeping
www.mareesmobilebookkeeping.com.au
0429 363 047
Tax Changes happening in 2020, does it affect your business?
There are a few things to check, from this article they talk about the following https://www.mybusiness.com.au/finance/6535-incoming-tax-changes-for-smes-in-2020
- TPRS – Expansion, which stands for taxable payment reporting systems. In other words small businesses in certain industries are now required to report to the ATO about payments made to the contractors they use
- AUSkey to be scrapped (thank goodness for that, always hated it), so from 1st April 2020, the AUSkey system will no longer be used for businesses to report to the ATO (win), so now you will need to use your myGovID and Relationship Authorisation Manager instead.
- E-invoicing, so they are urging Australian businesses to consider embracing the new system
- Single Touch Payroll reporting, so businesses with fewer than 20 employees were granted a three month extension to 30 Sept 2019 to make the transition and penalties are being waived until 30th June 2020.
So does all these things affect you. Yes I would think they do. If you don’t have a clue where to start or what to do, please give me a call on 0429 363 047 or PM and let me help you.
Maree Punzet
Maree’s Mobile Bookkeeping
www.mareesmobilebookkeeping.com.au
0429 363 047
Have you heard about Australian Expats facing a tax slug?
Read more here: https://www.abc.net.au/news/2020-01-02/australian-expats-face-tax-slug-cgt-main-residence-exemption/11836094 but in a nutshell those living overseas have until the end of June 2020 to sell their homes if they want to avoid big capital gains tax bills.
With many Australian’s living abroad for work have in the past been able to claim capital gains tax (CGT) exemption on the family home as long as it was rented out for no more than six years at a time.
So is that you, are you someone that has been living abroad, or know of someone because this will affect them and we know tax time isn’t too far away.
If you want to know more, please contact me anytime on 0429 363 047.
Maree Punzet
Maree’s Mobile Bookkeeping
www.mareesmobilebookkeeping.com.au
