Build your financial security with OBT Financial Group – Lockyer Valley Business of the Year recipients and specialist financial advisers to individuals, business owners and farming families on accounting, tax, business advice and wealth planning for over 40 years.
To help you gain a better understanding of the government stimulus measures that you may be able to access, we have summarised the key developments as they stand so far.
ATO Workshops for Small Business
Join the ATO to learn about tax for small business at free face to face tax workshops in Gatton run by ATO staff in September.
Meet your PAYG Withholding Obligations or lose your tax deduction
Are you meeting your Pay As You Go (PAYG) Withholding obligations? If you are running a business, you can no longer claim deductions for payments to employees or workers if you have not met your PAYG obligations. This applies to tax returns lodged for the 2020 year onwards
Employers, are you STP ready?
After a staggered rollout, Single Touch Payroll now requires all employers to transfer their payroll transaction data to the Tax Office each time employees are paid. Is your payroll geared to handle new reporting requirements?
No tax deductions for unmet tax obligations
Don’t lose your tax deduction for your employee or contractor payments. Do lodge your BAS on time and lodge your STP events every time you pay wages and withhold the correct amounts from your payments to employees and subcontractors. Read why.
MYOB payroll product for microbusinesses
MYOB has launched a low-cost payroll product for micro businesses, enabling Single Touch Payroll (STP) compliance in time for the ATO’s 1 July deadline.
Xero’s Payroll Only plan
From 1 July this year, Single Touch Payroll (STP) will apply to all employers in Australia. Following months of development by Xero, they’ve announced the launch of Payroll Only plan to assist small businesses with STP. See if it can help you.
On-time BAS lodgement important more than ever
Read why, from 1 July 2019, if you don’t meet your PAYG withholding obligations for your workers, by not deducting tax from their payments and not reporting it to the ATO, you could lose your deduction.
New Bookkeeper & Data Manager for OBT
Michelle Burling has worked in accounting as well as manufacturing and we are delighted to have her join our team. As a CPA with vast manufacturing and payroll experience, including being an Internal Quality Auditor, Michelle can lend commercial insight to the client support she gives, and is a safe pair of accounting hands whenever OBT’s team needs extra support.
Employers hit with rolling SG audits
Employers are increasingly being subjected to a rolling series of audits by the ATO when they slip behind on their SG obligations, as the Tax Office has now taken a harder line on non-compliance.
