Pay As You Go (PAYG) Archives - Salisbury Accountants

EOFY and the tax time countdown

June 15, 2022/in Tax Planning /by Salisbury Accountants & Business Advisors

End of financial year calendar and the countdown to tax time — FY22

A lot of things need to happen between the end of financial year (EOFY) and tax time. Here are the dates and deadlines to keep in mind when getting tax ready.

Key dates in June

30 […]

Director penalty notices

May 16, 2022/in Business Advice /by Salisbury Accountants & Business Advisors

Directors obligations and personal liabilities for PAYG withholding, SG Charge and GST

In March the ATO will be contacting relevant clients via letter to inform them about their potential personal liability for company tax debts under the Director Penalty Notice (DPN) program.

The letter will be sent to directors of companies if the company has […]

Reduce Your 2022 Tax

May 12, 2022/in Tax Planning /by Salisbury Accountants & Business Advisors

Tax planning key priorities

With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2022 to reduce your tax and grow your wealth.

Many business owners have reduced their 2022 PAYG instalments to Nil during the COVID-19 period, but now you […]

2020/21 Federal Budget Summary

October 7, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

Salisbury Accountants Federal Budget Summary 2020/21

1. Personal income tax changes

1.1 Changes to personal income tax rates

The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e., from […]

Key FY21 changes to note from 1 July

June 29, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

Business tax changes for a new financial year

NO TAX DEDUCTIONS IF YOU DON’T MEET YOUR TAX OBLIGATIONS

From 1 July 2019, if taxpayers don’t meet their PAYG withholding and reporting obligations to the ATO, they will not be able to claim a tax deduction for payments:

of salary, wages, commissions, bonuses or allowances to […]

Tax relief for businesses affected by COVID-19

April 23, 2020/in COVID-19 Resources, Tax Planning /by Salisbury Accountants & Business Advisors

Businesses affected by COVID-19 can now access support from the ATO on managing their tax affairs

The ATO will allow deferrals of payments for 6 months for income tax, activity statements, FBT and excise payments.

Also, affected businesses will be able to apply for remission of interest and penalties.

Affected businesses are being encouraged to […]

Small and medium business employers to receive cash flow relief

April 22, 2020/in COVID-19 Resources, Grants /by Salisbury Accountants & Business Advisors

Small and medium businesses will be entitled to a “credit” for PAYG tax withheld on their March and June quarter activity statements.

This updated Government Coronavirus Stimulus Package will be delivered tax-free in the form of a grant.

The reduction of cash outflows is designed to assist employers in keeping their staff.

As per the […]

Coronavirus Jobkeeper Payment

March 31, 2020/in COVID-19 Resources, Payroll /by Salisbury Accountants & Business Advisors

Federal Government offers $130b in coronavirus wage subsidies for businesses to pay workers

The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus.

Around 6 million workers will receive a fortnightly payment of $1,500 (before tax) […]

Update on COVID-19 business assistance

March 26, 2020/in Business Advice, COVID-19 Resources /by Salisbury Accountants & Business Advisors

Action required: update on COVID-19 assistance for your business

Things have changed significantly around Australia with the recent announcements of enforced closing of some businesses and other restrictions imposed by the Governments to stop the spread of COVID-19.

It is going to be a very tough time for all of us business owners over the […]

Support measures to assist those affected by COVID-19

March 12, 2020/in COVID-19 Resources, Tax Planning /by Salisbury Accountants & Business Advisors

Options available to assist businesses impacted by COVID-19

The Australian Taxation Office (ATO) will implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak.

Commissioner of Taxation Chris Jordan is encouraging businesses impacted by the coronavirus to get in touch with the ATO to discuss relief […]

Posts

End of financial year calendar and the countdown to tax time — FY22

A lot of things need to happen between the end of financial year (EOFY) and tax time. Here are the dates and deadlines to keep in mind when getting tax ready.

Directors obligations and personal liabilities for PAYG withholding, SG Charge and GST

In March the ATO will be contacting relevant clients via letter to inform them about their potential personal liability for company tax debts under the Director Penalty Notice (DPN) program.

Tax planning key priorities

With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2022 to reduce your tax and grow your wealth.

Salisbury Accountants Federal Budget Summary 2020/21

1. Personal income tax changes

NO TAX DEDUCTIONS IF YOU DON’T MEET YOUR TAX OBLIGATIONS

The ATO will allow deferrals of payments for 6 months for income tax, activity statements, FBT and excise payments.

This updated Government Coronavirus Stimulus Package will be delivered tax-free in the form of a grant.

The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus.

Things have changed significantly around Australia with the recent announcements of enforced closing of some businesses and other restrictions imposed by the Governments to stop the spread of COVID-19.

The Australian Taxation Office (ATO) will implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak.