Small businesses are facing a number of changes for the year ahead. Read on to make sure you're in the know.
- Single Touch Payroll - From the 1st July it is a requirement that all employers submit payroll and super details to the tax office every time they pay employees.
- Minimum wage rise from 1st July - The new minimum wage has risen by 3 per cent to $19.49 per hour for the first full pay period starting on or after July 1st.
- Instant asset write-off raised - The threshold for the instant asset write-off has been raised to $30,000. This has been extended to the 30th June 2020.
- Taxable payments reporting system (TPRS) - This has been extended to more industries. From the 1st July the TPRS, under which some businesses have to report payments made to contractors to the ATO, will include road transport, IT services, security services and surveillance service industries.
- Open banking - the Big Four banks now offer a system that gives Australian consumers the option to authorise their banks to direct their personal financial data to other banks and other authorised organisations.
- Cash-in-hand crackdown - from the 1st July 2019 employers can no longer claim tax deductions for cash payments, as the ATO attempts to crack down on unreported earnings.
Call in at your local TaxAssist Accountants now for help and advice on any of the issues above.