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Horticultural Industry Labour Agreement announced The government has announced a new Horticultural Industry Labour Agreement to commence 1 January 2020. From 1 January 2020, horticultural employers will be able to submit an application to the Department of Home Affairs to sponsor a migrant worker to come to Australia and fill one of the 31 approved…
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Under the responsible budget regime of the government which became law on 1 January 2017, backpackers are taxed at 15% for earnings of up to $37,000 with the balance taxed at ordinary rates. This tax rate is applicable for people who hold either a working holiday visa subclass 417 and 462.
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Single touch payroll (STP) is an initiative by the Australian government which requires all employers to report their employees’ payroll information electronically to the ATO portal for each payroll cycle, whether this be weekly, fortnightly or monthly.
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The ATO has deferred the requirement for large companies and corporate groups to lodge their Reportable tax position (RTP)[1]  until the 2020-2021 financial year. This has been done after consultation and support from private groups stewardship group.
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On 24 May 2018 the government announced a one off 12-month superannuation “amnesty” guarantee which gives employers one off opportunities to disclose any errors in superannuation guarantees to the ATO without the risk of bring penalized. This bill was reintroduced on 18 September 2019 with an amnesty beginning on 24 May 2019.
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In 2017, The government announced changes to deny foreign residents’ access to the capital gains tax (CGT) main residence exemption.
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The government has introduced a housing affordability bill where CGT main residence exemptions will come in to place for foreign residents. Schedule 1  of the bill amends ITAA 97  which will:
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A new bill will come into effect from 1st January 2020 which imposes a restriction on entities dealing with cash transactions. Important highlights from the bill are as follows:
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Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax.   Traditionally, year-end tax planning for small businesses is based around two simple concepts – i.e., accelerating business deductions and deferring income.
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Your Checklist Claims for deductions Receipts for deductions Car claims and log books Please review the information below and contact our office if you need assistance.   Tax saving strategies prior to 1 July 2017 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year,…
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