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Tax Changes & Useful Information

Useful Websites:

www.abr.business.gov.au - search for ABN for a supplier to check GST status

www.abr.gov.au/auskey - register for an Auskey to gain access to the ATO Business Portal

www.ato.gov.au/SuperStreamChecklist - checklist for employers to get Super Stream Ready

www.ato.gov.au/sbsch - register as an employer at the ATO Superannuation Clearing House


 ATO Superannuation Clearing House:

 *Has moved to the ATO Business Portal from 26/2/18 - you will need an Auskey or MyGov Login to access this

*Available FREE to all small businesses with a turnover of less than $2 million.
*No longer a limit to businesses with fewer than 20 employees.


FBT Rates 2019/20: (From 1/4/19):

*FBT Rate is 47%
*FBT Type 1 gross up rate is 2.0802 and Type 2 is 1.8868
*FBT Reportable Amount on Payment Summary where taxable value more than $2,000
*Benchmark interest rate is 5.37%

Superannuation and Termination Pay Thresholds 2019/20:

*Concessional contributions cap is $25,000 for all employees (includes SGC and salary sacrifice contributions)
*Maximum contributions base is $52,760 per quarter (employers are not required to pay super on an employee's total earnings above this amount)
*Tax Free Portion for Genuine Redundancy (Lump Sum D) is $10,638 base amount plus $5,320 for each whole year
of competed service (payments within these limits are exempt from income tax and do not form part of an ETP)
*Super Guarantee Rate is 9.5% of Ordinary Time Earnings
*Due Dates:  Sept 19 Qtr - due 28/10/2019,
                    Dec 19 Qtr - due 28/2/2020,
                    March 20 Qtr - due 28/4/2020, and
                    June 20 Qtr - due 28/7/2020


GST on Credit Card Surcharge:

*The ATO has made a determination that a credit card surcharge forms part of the consideration for that good or service.  As such, the GST status of the surcharge is the same as that of the good or service.  If the supply is GST exempt, then the credit card surcharge is also GST exempt.

Taxable Payments Reporting:

*Taxable Payments Annual Report for 2018/19 is due to the ATO by 21/7/19 (or by 21/8/19 if lodged by a tax agent)
*This report can be produced in the latest versions of MYOB as a file which can be lodged online using the Business Portal
*You will need to report if your business operates in the building and construction industry and makes payments to contactors for building and construction services.
*Any further queries, please contact us :)


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