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Tax Cuts: Time to change withholding amounts

The Australian Government has introduced personal income tax cuts that apply from 1 July 2020.

Updated tax tables are now available for you to reflect the tax cuts in employee's take-home pay.

You must make sure you are withholding the correct amount from salary or wages paid to your employees for pay runs processed in your system from 16 November onwards.

Payroll software providers will be updating software to implement these tax rate changes. Some payroll software providers may take longer to update their software. Your software provider will keep you updated on these changes.

You don't need to make any other adjustments or refunds.

Any 'over-withholding' that occurred prior to updating your payroll software or processes will be included in your employee's income tax assessment at the end of the year.

Australian Truck Driver Tax Deductions





Tax deductions for Australian truck drivers are relatively straightforward. However, there are several common deductions you need to know about to ensure you get the best deal every year. We'll go over things you can claim and can't claim as a truck driver, below. 


It is always important to start with the basic rules the ATO applies to taxpayers claiming work-related expenses. To claim a deduction for a work-related expense:

• you must have spent the money yourself and weren't reimbursed

• the expense must be directly related to earning your income

• you must have a record to prove it


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Single Touch Payroll for Employees

Single Touch Payroll is the ATO's latest compliance regulation that requires your employer to send employee payroll information to the ATO at the same time as they process a standard pay runs instead of at the end of financial year.

If your employer reports to the ATO through Single Touch Payroll, you will be able to see up-to-date tax and super information through myGov. Employers with more than 19 employees were required to use Single Touch Payroll from 1 July 2018. All other Employers have to start reporting payroll information to the ATO under Single Touch Payroll from 1 July 2019. 
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Single Touch Payroll for Employers

Single touch payroll will change the way businesses report salary/wages, PAYG withholding and superannuation information to the Australian Taxation Office. What is Single touch payroll and how big is the change?


Single Touch Payroll (STP)

STP is a new regulation that changes when and how small businesses report payroll activity to the Australian Taxation Office (ATO).

Businesses used to report this information to the ATO once a year. Now, they need to send a report after each pay day.  Reports must be submitted digitally, using a specific format.  STP is a significant change that will require many employers to upgrade or replace their payroll system in order to meet new payroll reporting obligations.

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What to Expect with new Division 7A Rules

Come 1 July 2019, it is likely that there will be higher interest rates, shorter loan terms and larger repayments being mandatory on all loans.

Existing loans will also not be exempt, with individuals being required to transition onto new agreements as early as 2021. While public consultation is still in progress and there is no real knowing what Government will decide, now is the time to start planning for how these amendments may affect you and your company to mitigate possible strain on cash flow before we reach the new financial year.

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Changes to tax legislation mean that travel to and from residential rental properties no longer apply; an amendment which came into effect on 1 July 2017. 

As it's been commonplace for owners to claim for this type of expenditure, it will now need to be of consideration for investors lodging tax returns for 2017/2018 to ensure that figures are calculated correctly.

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When you're a busy truck driver with your own business, it's often difficult to find a spare moment to even think about tax affairs, which is why it can feel like such a burden when it finally comes around.

To avoid feeling like this, there are small things you can do to keep tax matters simple, even if you're spending many nights away from home with limited or no access to the internet or a computer. To get the ball rolling, here are some of the concerns that Australian Truck Drivers may have, along with our suggestions to make tax time a breeze. 
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Fuel Tax Credits Made Easy

Do you claim Fuel Tax Credits for fuel you use in your heavy vehicle, farm equipment or other machinery for your business? Do you know that you can simplify how you keep records and calculate your fuel tax credit claims?

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Understanding Salary Sacrifice


Understanding the ins-and-outs of salary sacrifice is no easy feat. Like most people, you probably know that it has benefits to your take home pay but do you really understand how it works, what limits apply and whether it's something you can elect to do in your workplace?

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Making BAS Simple for Agricultural Businesses

Why, how and what to look for if you want to make BAS simple in the agricultural Industry

In the agricultural industry a little planning can make things much easier at BAS time. Record keeping and accurate bookkeeping will make BAS preparation and lodgement flow smoothly, and the process will quickly become stress free.

BAS Quarterly Periods
The Quarterly BAS Periods and Lodgement Dates for 2018 are:
Quarter 3 January to March 2018 28 April 2018
Quarter 4 April to June 2018 28 July 2018
Quarter 1 July to September 2018 28 October 2018
Quarter 2 October to December 2018 28 February 2019

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