March 2019 Newsletter
- Beware the legal pitfalls of employees working from home
- 5 Tax effective renovations for your investment property
- Potential problems with pension payments
- Beware super guarantee leave loading issues
Single Touch Payroll / SoftwareIf you employ staff you should by now know what Single Touch Payroll is. If not you soon will! Single Touch Payroll (STP) is a government initiative to streamline payroll reporting to the ATO and it starts 1st of July 2019 for businesses with less than 19 employees (those with 20 or more commenced 01/07/2018).
- Do it themselves via their payroll software
- Use a Payroll Service provider
- Use a Tax or BAS agent
|Nbr of employees||Xero||Quickbooks Online||MYOB|
|1||Standard $50 p/m||Simple Start $15 p/m||Essentials $45 p/m|
|2||Standard $50 p/m||Simple Start $15 p/m + $4 p/m each additional employee||Essentials $55 p/m|
|3-5||Premium 5 $65 p/m||Plus $35 p/m||Essentials $55 p/m|
|6-10||Premium 10 $75 p/m||Plus $35 p/m||AccountRight Plus $100 p/m#|
|11-20||Premium 20 $90 p/m||Plus $35 p/m + $4 p/m each additional employee||AccountRight Plus $100 p/m#|
Announcements:This month we wish Margaret a very a Happy Birthday!
Commonly Asked Question
How do I know if I’m running a business or it’s just a hobby?
Key questions to consider:
- Is the activity being undertaken for commercial reasons?
- Is your main intention, purpose or prospect to make a profit?
- Do you regularly and repeatedly undertake your activity?
- Is your activity planned, organised and carried out in a businesslike manner?
If you answered yes to most of these questions, you’re likely to be running a business, although it depends on your individual circumstances.
The ATO website provides further questions, information and examples to help you understand the differences between a hobby and a business.
To get an answer specific to your circumstances, you can:
- talk to a legal, accountant or business adviser in your area who can help you decide whether you’re running a business or a hobby.
- get a private ruling from the ATO, which will provide an answer that protects you from penalties and interest.
All the best from the Watts Price Team!