Business Links Australia Pty. Ltd. is a CPA Practice
CPA Australia Logo
Liability limited by a scheme approved under Professional Standards Legislation
Hot Issues
spacer
$20m boost for SME clients looking to exporting
spacer
Work-Related Expenses
spacer
ATO updates crypto guidance
spacer
ATO zones in on hundreds of newly created reserves
spacer
Senate passes $20,000 instant asset write-off extension
spacer
Victorian Vacant Property Tax
spacer
Director Penalty Notices
spacer
ATO set to pounce on undisclosed income streams
spacer
In case you missed it – The company tax Bill that did pass Parliament.
spacer
GST spotlight headed to smaller end of town
spacer
Superannuation Amnesty – Maybe! Maybe Not!
spacer
ATO drills in car-sharing focus this tax time
spacer
What is Bankruptcy?
spacer
Update of Australia's vital statistics
spacer
ATO speaks on risk factors, surveillance triggers for FY19
spacer
ATO’s corporate residency guidance cops backlash
spacer
ATO dispels top tax time myths to clients as clampdown rolls out
spacer
Tools for budgeting, cash flow, Super and more ….
spacer
Guidance for SMSFs on transfer balance reporting
spacer
ATO issues alert on super, tax scams
spacer
Salary sacrifice integrity
spacer
Understanding the evolution of blockchain and cryptocurrencies
spacer
Update to Australia's vital statistics
spacer
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
spacer
SMSFs - Our 'hardest' jobs
spacer
Tax Office reveals adventurous, dubious claims ahead of tax time
Article archive
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Quarter 4 of, 2016 archive
spacer
Big-ticket tax set for government review
spacer
FBT – Christmas Parties and Taxi Fares
spacer
Unclaimed Monies - Christmas Project?
spacer
Employee Christmas Parties and Gifts – Any FBT?
spacer
‘Beware the tax man’ eyeing holiday period activity
spacer
Merry Christmas for 2016, a Happy New Year and a prosperous 2017.
spacer
Research reveals key to ‘high-performing’ firms
spacer
Late payments hitting SMEs hard
spacer
Estate planning issues flagged with $1.6m pension transfer cap
spacer
Travel to a workplace: What’s in, what’s out
spacer
New fleet “safe harbour” approach for car fringe benefits
spacer
Struggling Business Turnarounds
spacer
SMSF practitioners told to urgently address TRIS issues
spacer
$20,000 write off is only available for small business, right? Well…
spacer
Do you need an Employment Agreement?
spacer
What does the new withholding tax mean for your clients?
spacer
Domestic (non-marital) Relationships
spacer
Is there a problem with using your company’s assets for yourself?
spacer
SMEs at risk of ‘falling foul’ of ATO
spacer
Scams, fraudsters and viruses
spacer
Got your car log book ready?
SMEs at risk of ‘falling foul’ of ATO

 

Confusion this financial year regarding imminent compliance dates, including for SuperStream, is putting SME owners at risk of falling foul of the ATO, accounting software provider MYOB has warned.

       

 

MYOB is urging small business owners to be aware of and comply with the ATO’s October deadlines for withholding tax tables and SuperStream.

The first deadline for SMEs to be aware of falls on 1 October. SMEs that are affected are required to update their withholding tax tables by this date. These changes will not be back-dated, and any tax deducted from 1 July will be balanced out in the individual tax returns, MYOB noted. 

This is in addition to the ATO's regulations for SuperStream. The ATO has provided a deadline extension to 28 October 2016 for small businesses, with 19 or fewer employees, that are not yet SuperStream-ready. However, from 1 November 2016, the ATO will crack down on non-compliant small employers.

“The ATO has announced big changes for SMEs. SMEs are telling us they are confused and unaware of the deadlines set against them, and we encourage them to get clarification from their accountant or bookkeeper,” says James Scollay, general manager of SME solutions, MYOB.

Earlier this year, MYOB research revealed that one third of Australian SMEs were still running the risk of potentially not complying with SuperStream regulations, and one quarter were unaware of the deadline. SMEs now have just over four weeks to meet the ATO regulations.


KATARINA TAURIAN
Tuesday, 20 September 2016
accountantsdaily.com.au