About the Author
MYOB Compliance Product Manager8 posts
With 10 years’ experience as a CPA accountant in public practice, Richard joined MYOB in 1999 as a General Ledger technical specialist. Richard has applied his extensive general ledger knowledge across MYOB products in both Australia and New Zealand; developing several innovative online accounting software ideas, 3 of which are now MYOB patents. Richard’s passion is all about making accounting simple for business owners who simply want to get on with running their business.
If your business is in the building and construction industry, you might have heard of changes in your financial year reporting. Last year, the government introduced taxable payments reporting to improve tax compliance within the building and construction industry. Businesses are now required to report the total payments made to each contractor for building and construction services to the ATO, dating back from 1s
We love Australian wines. It’s almost a table staple when you’re entertaining at home or just a quiet night in alone after a busy long week. Late last year, subtle changes were made to the wine equalisation tax in Australia that could translate to a price increase to some of your favourite wines.
Hi All, With the recent May 2012 Federal Budget, the government announced that the tax free threshold for Australian residents will increase from 1st July 2012 to $18,200. This should see a nice saving of tax for low income earners. What you may not realise, is if you are “certain” your income from 2 or more jobs in total will not exceed $18,200 for the financial year, you can claim the tax free threshold o
Hello! It’s been an incredibly busy time here in the LiveAccounts development room. We really hope you’re enjoying the changes we’re making. As you’re probably aware, our main development work recently has been around payroll. We were so excited to release payroll for our New Zealand clients on 1 April, ready for the new financial year. The feedback we’ve received has been great which pleases us no
From 1 July 2012, businesses in Australia, who are in the building and construction industry need to report to the ATO each year, the total payments they make to each contractor for building and construction services. Businesses need to report if they: are in the building and construction industry make payments to contractors for building and construction services, and have an Australian business number (A
During budget week, the government raised the tax free threshold from $6,000 to $18,200. This means employees don’t start paying income tax until they earn over $18,200. That represents a great tax saving – however in true yin/yang style, some tax rates have gone up. Below is a small table I created showing the tax savings an employee could receive on salaries of $40K, $60K and $80K.