The ATO will acquire information for the 2016-17, 2017-18 and 2018-19 financial years on vehicles that have been transferred or newly registered where the purchase price or market value is equal to or greater than $10,000.
As of 1 July 2018, the ATO is starting to implement changes for Australian retailers who use drop shipping. The ATO's changes will currently only affect Australian suppliers who are GST-registered, and this includes suppliers who 'drop ship.' If you're someone who practices this shipping method, read on.
Single touch payroll allows business owners to streamline the payroll process with the push of a button. 2018 and 2019 are going to bring a change to how businesses and organisations fulfil their payroll duties, whether they pay their employees weekly, every two weeks, or monthly. Simply put, an employer will report the employee's wages, deductions, allowances, pay as you go obligations, salaries, and superannuation information each time they do payroll rather than once a year to the ATO.
The ATO will require employers with 20 or more employees to make the switch to Single Touch Payroll by 1 July 2018. For any employer who has 19 or fewer employees, the ATO will require them to switch to Single Touch Payroll by 1 July 2019.
For most imports, the ATO requires you to pay GST, or Goods and Services Tax. Additionally, this GST on any taxable imported goods is payable by private individuals, businesses and organisations. This applies whether or not the individual or entity registered themselves for Goods and Services Tax. It is important to note that if your organisation or business is GST-registered, and you've imported goods related to them, you may be eligible for a GST credit.
Utilise your Bitcoin correctly in your business this tax year to ensure you comply with the ATO. Here is what you need to know about GST and digital currency.
Digital currency has exploded in popularity in recent years with more and more people – and businesses – stepping into the world of digital currency transactions. But, how do you ensure you've complied with the newest ATO rules and regulations regarding GST on your digital currency?