2019 MATTERS ON THE GO

/
Single Touch Payroll.png

Single Touch Payroll (STP) for Employers with less than 20 employees has now passed into law.  This means that all employers are required to be STP compliant by 1 July 2019.

 Micro employers (those with less than 4 employees) are not yet required to purchase payroll software in order to comply with STP reporting.  Rather, the ATO has asked payroll providers to develop a low cost solution (around $10 per month) for these employers.

 The ATO have stated from a compliance point of view, that employers should not be concerned about penalties for the first 12 months as their primary aim is to help employers get the new system implemented.

tAX pROPOSAls.png

The following tax proposals have been put forward for the upcoming Federal Election:

  • Excess imputation credits – plans to deny refunds for excess imputation credits with effect from 1 July 2019.

  • Negative gearing - plans to limit negative gearing to new housing. The current plan will      restrict negative gearing in relation to all investments not just property investments. 

  • The CGT discount - plans to cut the CGT discount in half from 50% to 25%.

 Should you wish to discuss any of the above, please contact our office.