Taxable payments annual report (TPAR)

Taxable payments annual report (TPAR) If your business makes payments to contractors or subcontractors, you may need to lodge a Taxable payments annual report (TPAR) by 28 August each year.   The taxable payments reporting system aims to create a level playing field – to prevent dishonest operators from gaining an unfair advantage over the majority. […]

Tax on superannuation contributions

  Tax on superannuation contributions   The tax you pay on your super contributions generally depends on whether the contributions were made before or after you paid income tax, you exceed the super contribution caps or you are a high-income earner.   Before-tax super contributions (concessional)   Concessional contributions are contributions that are made into […]

EOFY last-minute tax planning strategies

EOFY last-minute tax planning strategies   Pre-pay investment loan interest   If you have some savings, then see if you can negotiate with your finance provider to pay interest on borrowings upfront for the investment property and make that deduction available this year. Most taxpayers can claim a deduction for up to 12 months ahead. […]

Circuit Breaker Business Support Package

Circuit Breaker Business Support Package The Victorian Government has launched the $250 million Circuit Breaker Business Support Package to assist small to medium businesses and sole traders, under the circuit breaker restrictions announced on 27 May 2021.   Business Costs Assistance Program   The program provides $2,500 grants for eligible employing and non-employing businesses in sectors […]

Contractors reminded to declare income from Sub-contracting

    Contractors reminded to declare income from Sub-contracting   The Australian Taxation Office (ATO) has revealed it is using data from its Taxable Payments Reporting System (TPRS) to ensure that payments made to contractors have been properly declared.   Businesses that pay contractors in the courier, cleaning, building and construction, road freight, information technology, […]

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