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STP – Frequently Asked Questions
What is STP? STP is short for ‘Single Touch Payroll’. It is a new initiative introduced by the government whereby your business’ payroll information (pay, tax withheld and super) is electronically sent to the ATO every time you pay your employees. Do I need to...
Here’s everything you need to know about Single Touch Payroll (STP)
It’s now less than a month before the first major deadline for STP reporting. Is your business ready? Some say Single Touch Payroll (STP) is the most significant change to business since GST was introduced in 2000. But what is it, and more importantly, how does it...
Are you eligible for the $1080 tax offset?
Christmas has come early for earners between $48K and $90K. Good news: if your taxable income (ie your before-tax salary minus tax deductions) for the 2018-19 financial year was between $48,000 and $90,000, you can expect a sweet tax offset when you get your refund...
Most common tax return mistakes
Summarising your incomings and outgoings for the year can be a tad confronting, especially if you haven’t done a great job of keeping your financial records up-to-date. Here are the most common tax return mistakes. Even if you’re an employee (rather than a business...
Why instant tax refunds are a scam
Beware of tax agents who claim to offer you an ‘instant tax refund’. What they’re really offering is a high-interest, short-term loan that can leave you seriously out of pocket if you’re not careful. Having to wait up to 14 days to get your tax refund back can be...
Five reasons you shouldn’t do your own tax return
We live in an age of self-empowerment. We can do our own banking online, book flights and hotels without a travel agent, and even apply for a home loan without a mortgage broker. But just because you can, doesn’t mean you should. Particularly when it comes to lodging...
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