Recent Posts by Peter Fawcett

2019 Budget Summary

  M+S Group Accounting are pleased to provide you with links to detailed summaries of the Government's 2019-20 Federal Budget. Read the following articles to understand the key implications of the Budget.         CPA: More winners than losers Australian Treasury: Our plan for a stronger economy Australian Treasury: Budget 2019-20 Wolters Kluwer:…
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STP Guide for Employees

Employees need to be prepared now that the Single Touch Payroll (STP) covers all Australian businesses. [hr] [hr] [hr] Key Facts: All businesses are now required to submit STP data to the ATO effective 1st July 2019. Businesses with 5 to 19 employees have been granted a 3 month grace period before penalties may apply.…
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Single Touch Payroll Update

More than 700,000 Australian small businesses are set to be added to the ATO's single touch payroll (STP) rules effective 1 July 2019. Firms with fewer than 20 employees will need to send employee payroll and super information to the ATO. See the attached article for more detail: Single Touch Payroll Update - ATO
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Christmas Holiday Times

  The Directors and Staff of the M + S Group would like to wish you a very happy and safe Christmas and best wishes for the New Year. We advise that our offices will close at 12 noon on Friday 21st December, 2018 and will re-open for business at 8.30am on Wednesday 2nd January,…
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Motor Vehicle Expenses

The type of car and the type of business structure you have will determine what motor vehicle expenses you can claim on your Tax Return. Please read the attached article to find out more. Motor Vehicle Claims For more information from the ATO; visit Motor vehicle expenses.
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Thinking SMSF…

  Is financial security in retirement important to you? Have you ever thought about taking control of your own Superannuation?     The Australian Taxation Office recently presented an article in relation to setting up and running a Self Managed Super Fund. Read the attached article and then call one of the experienced Financial Planners…
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Personal Income Tax Changes

The Government has secured enough support to enable their proposed amendments to the Personal Income Tax Bill to take effect. Under the new Bill the following changes will be made to personal tax rates:       • From 1 July 2018, the threshold for the 32.5 per cent tax rate will increase from $87,000 to $90,000…
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Small Business Tax Tips

Small businesses may be eligible for a range of benefits this financial year. CPA Australia have put together 15 tax tips to help you out.   From reviewing your private company loans to paying employee bonuses, explore these 2018 tax tips now.
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ATO Crackdown on Work-Related Expenses

  The Australian Taxation Office (ATO) has re-issued a timely reminder that it is increasing its focus on work-related expenses (WRE). The crackdown has emerged from concern taxpayers are "pushing the envelope" when it comes to claiming expenses. The crackdown isn't only due to a record increase in WRE claims, but it is now much more cost effective to review…
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Superannuation Amnesty

The Australian Government has announced the introduction of a 12 month amnesty for historical underpayment of employee super entitlements. To comply with the amnesty guidelines,  employers must pay all that is owing to their employees,  including nominal interest. Penalties for late payment will not be applied during the amnesty period. However, Employers that do not take…
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