Y Partners Blog

What Has The ATO Been Doing?

The ATO has been focusing on the below areas of interest:

  • Looking at your lifestyle
  • Trading stock taken for private use
  • When labour costs might not be deductible
  • Do you provide car parking fringe benefits?
  • Activity statement financial processing
  • Tip-off to keep the competition fair
  • SMS scam - tax refund notification
  • Compensation for administrative bungles  Read more…

Do I Have to Pay Super?

Generally, if you pay an employee $450 or more (before tax) in a calendar month, you have to pay them super on top of their wages. 

If your employee is under 18 or is a private or domestic worker, eg a nanny, they must also work for more than 30 hours per week to qualify.  Read more…

Get your PAYG Withholding Obligations Right

All businesses, including not-for-profits, are now required to meet their PAYG withholding obligations before they can claim deductions for payments to workers – for example, salary, wages, bonuses, directors' fees and payments under a labour hire agreement. 

Payments to contractors where the contractor does not provide their ABN are also covered by these new rules.  Read more…