General News

How much do you know about your family finances?

Written by Felicity Magnussen
How much do you know about your family finances?  Who holds the knowledge and therefore holds the financial reins at home? It is important for both partners in a couple to have at least some awareness around what’s happening in this aspect of your lives – don’t fly blind as this recent article in the Canberra Times suggests many are doing….

Count Down to Single Touch Payroll on 1 July

Written by Felicity Magnussen
Don’t forget, there’s only 7 business days until 1 July when Single Touch Payroll reporting starts for organisations with 20 or more employees! Smaller organisations should also put it on their To Do list, as the plan is for employers of all sizes to be reporting this way from next year. Confused about how this might affect your business? Perhaps your friendly Halletts accountant can help!

Increase in GDP rate used for PAYG instalments

Written by Felicity Magnussen
Do you pay your PAYG tax in instalments? The recent announcement from the ATO (more information here) of an increase in the GDP rate used to adjust your quarterly PAYG instalments for business and investment income from 4% to 6% will mean higher PAYG instalments next financial year. If you don’t believe your income will grow by 6% next year, you can apply to vary (reduce) the amount you have to pay, but be careful not to underestimate! If you’re unsure, please ask your friendly Halletts accountant to crunch the numbers for you. Remember, you don’t need to advise the ATO if your growth rate will be higher than 6%. Unsure if this applies to you or if you might need to start paying tax in instalments? We can help you work that out too!