The Single Touch Payroll system has revolutionised the way businesses report their payroll information to the Australian Taxation Office (ATO). With the end of the financial year approaching, it is essential to complete the STP finalisation process accurately and within the required timeframes. Failure to meet these deadlines may result in penalties or non-compliance issues.

On Tuesday, May 9, 2023, the Treasurer unveiled the 2023-24 Australian Federal Budget, accompanied by revised key economic forecasts. While the Budget featured minimal tax measures, we have reviewed the Budget papers and compiled a concise overview of the changes that we deem most relevant for your consideration.

The Australian Taxation Office (ATO) has recently issued new guidelines for calculating claims for running expenses using the fixed rate method, while working from home from 1 July 2022. The new guidelines contained in the ATO’s PCG 2023/1 are a substantial change from the previous method and will require more detailed record keeping. These changes will affect your claims in your 2023 income tax return, and from 1^st March 2023, you will need detailed records of all hours worked at home.

Instant Asset Write-off Threshold to Apply From 1 July 2023

The current instant asset write-off known as “temporary full expensing” that allowed businesses with an aggregated turnover of less than $5 billion p.a. to claim 100% of the cost of an asset in the year that it was purchased will end on 30 June 2023.

With the expansion of STP, also known as STP Phase 2, the ATO’s emphasis on Superannuation Guarantee (SG) Audits has increased and additional case workers have been assigned to assist with these audits.

As we begin the festive celebrations, we would like to express our appreciation for your support and partnership this year.

It has been a busy year for all of us here at Rawson Verco Need, settling into our new premises and continuing to provide our clients with the highest quality service possible.