ATO TAX APP - TRACK YOUR RETURN IN REAL TIME!

If you’re an individual or small business owner, you can track, work out, calculate, and find relevant tax information and tools using the ATO Tax app.

You can:

track the progress of your individual income tax return after you have lodged search for lost super discover new ways to lodge your 2015 individual income tax return online work out if your worker is eligible for super guarantee (SG) and calculate SG contributions calculate fuel tax credit entitlements you can claim on your business activity statement work out if your worker is an employee or contractor for tax and super purposes calculate the amount of tax to withhold from salary and wage payments see how quickly you can pay off a tax debt with a payment plan view income tax rates for the current financial year.

Also, get answers to common questions, find out what’s new or what’s changed, and give us your feedback to help improve the app.

ATO MYDEDUCTIONS APP - HAVE ALL YOUR TAX DEDUCTIONS IN ONE PLACE

Are you always on the go? Save time and keep your tax organised with the ATO app's myDeductions tool.

The myDeductions tool makes it easier and more convenient for you to keep your individual income tax-related deductions all in one place.

You can use the myDeductions tool to:

capture and classify work-related expenses, gifts and donations or the cost of managing your tax affairsstore photographs of receipts

myDeductions is for individuals claiming work-related expenses as an employee. You can also record any gifts, donations or the cost of managing tax affairs.

Never miss out on a deduction claim because of a lost receipt again. Simply download the ATO app now to start using the myDeductions tool – it's that quick and easy.

To get the apps search 'Australian Taxation Office' in your Apple App Store , GooglePlay and Windows Store.

Information Related to Your ATO and MyGov Accounts

Earlier in the year, the Australian Taxation Office (ATO) made it possible to link an individual’s myGov account to their ATO account.

If your ATO account and myGov accounts are linked, all correspondence from the ATO will be sent to your myGov inbox. This means that all ATO letters and documentation will go directly to your myGov inbox rather than in paper form.

The ATO will then send you an email or text message notifying you of a new message in your myGov inbox, please make sure you check your myGov when you have a notification in your email or text message.

More information is available on the myGovwebsite.

Please contact Elite Accounting Solutions on 0403 777 738 if you have any questions.

SuperStream has now started for small businesses. If your business has 19 or fewer employees, it’s time to get ready. SuperStream is a mandatory change for all employers. For small businesses with 19 or fewer employees, SuperStream began on 1 July 2015.

What is SuperStream?

SuperStream is making super contributions super simple. It changes the way you pay super for your employees. Before SuperStream, it was common to hear from employers about how difficult and time consuming it is to make multiple super contributions to multiple super funds in multiple ways. For a lot of employers, paying super took hours. SuperStream standardises this.

SuperStream is about linking electronic payments and reporting. Under SuperStream employers are able to pay super to multiple super funds in one transaction. This should reduce the time it takes to pay super to minutes and reduce payment processing costs.

This July to September quarter will be first quarter that all employers need to report superannuation payments through SuperStream. If your business has 19 or fewer employees, you can use ATO's free SuperStream resource called Superannuation Clearing House.

How to get ready Please contact us to help you find the best solution that suits your business needs, and set up your super stream ready for your employee superannuation contribution in early October 2015. We can help you to set up SuperStream in ATO's FREE software Superannuation Clearing House.

I have some business clients asked me how 2015/16's budget going to affect them.

The 2015/16 budget has placed responsibility for the growth of the economy firmly on the shoulders of small business. The government claims this is "the biggest small business initiative in our nation’s history" and they propose a range of small business concessions but virtually all of the stimulus and incentives are for ‘small businesses’ with an aggregated turnover of less than $2 million per annum. The 72,000 businesses in Australia with a turnover of between $2 million and $5 million who are significant employers and major taxpayers were excluded from these concessions.

This blog contains budget key points and feel free to contact us to discuss the concessions and how your business can capitalise on the opportunities, and also I have upload a detailed Budget Updates on our website . The key budget measures that will impact small business are:

Cut the company tax rate from 30% to 28.5% for incorporated businesses with a turnover of under $2mA tax ‘discount’ of 5% for unincorporated businesses, capped at $1000Provide an immediate tax deduction for individual assets costing less than $20,000Expanded Fringe Benefits Tax exemption for work-related portable electronic devicesExpanded Capital Gains Tax rollover relief when businesses change legal structuresExpanded tax concessions for employee share schemesA Streamlined business registration processRemoving obstacles to crowdsourced equity fundingProvide $330 million for training programs to support young people to becoming job-ready$1.2 billion in subsidies for employers that hire specific groups of job seekers including workers aged 50+An extra $265.5 million for the Australian Tax Office to crack down on GST fraud

The budget also announced:

Changes to aged pension eligibility testsAllocation of $3.5 billion to childcareCuts to paid parental leave for those parents who also receive parental leave from their employerA Youth Transition to Work program for community workersForeign businesses supplying digital products and services subject to GST

If you have any questions regarding 2015/16's budget please contact us.