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

1. 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
2. AUSkey to be scrapped (thank goodness for that, always hated it), so from 1^st 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.
3. E-invoicing, so they are urging Australian businesses to consider embracing the new system
4. 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 30^th 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