For the 2017/2018 Year: Age of Beneficiary Percentage factor Under 65 4% 65 to 74 5% 75 to 79 6% 80 to 84 7% 85 to 89 9% 90 to 94 11% 95 or more 14%
Read MoreVictorian Business Growth Fund
From business.vic.gov.au The Victorian State Government has announced the establishment of a $250 million Victorian Business Growth Fund for small and medium enterprises to help them access capital and create jobs to grow the Victorian economy. The Victorian Treasurer today announced a $50 million contribution towards the Fund, which will be developed with leading industry…
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SCAM ALERT
From the Community Grants Hub: Possible scam alert The Department of Social Services (DSS) has recently received reports that members of the public have been contacted via phone by an individual or individuals offering a $7,600 government grant. Some members of the public have reported the caller claims to be calling from the ‘Australian Grants…
Read MoreInvestor Daily: One step away from global recession
From Investor Daily: The world is one step away from a global recession, according to one investment bank who has questioned if the markets are ready. UBS has released global research paper where the investment bank reveals it is anticipating major changers to their forecasts, which would result in a global recession. “We estimate global…
Read MoreSometimes it pays to listen to your accountant -not paying GST can lead to jail
Single Touch Payroll is here
Single Touch Payroll changes the way in which you pay your employees and requires you to lodge through compliant software. From the 1st of July 2019 this will affect every business and if you are unsure or are not yet compliant please call our offices on 03 9846 6542 or email info@townshendassociates.com
Read More‘Cash in hand’ payments
Excerpt from Public Accountant: This new measure will take effect for payments made to workers from 1 July 2019 for income tax returns lodged for the 2020 income year onwards and is part of the government’s response to recommendations from the Black Economy Taskforce, the Australian Taxation Office (ATO) said. ‘Cash in hand’ refers to…
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Warning!Check Deductions
Excerpt from Accountants Daily: Apart from work-related expenses, the Tax Office will also take a tougher stance around over-claiming of rental deductions and the non-declaration of rental income. “Another big thing we would say, and it is important particularly this year, because we are getting more and more information in our data collection, and that…
Read MoreSingle touch payroll here for all small business for July 1 2019
From the ATO: Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO. If you are using a solution that offers STP reporting, such as payroll or accounting software, you will send your employees’ tax and super information to us each time you run your payroll and pay…
Read MoreHow a millionaire pays no income tax
To read The Age article click here.
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