TaxWise Business News – June 2021

Our latest TaxWise Business newsletter is now available. Topics include; • Incentives to help businesses recover • Business tax time errors • How PAYG instalments work • Simplified trading stock rules • Electronic invoicing • FBT rates and thresholds • Year-end tax tips • Online services for sole traders • The black economy • myGov email…

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Is your business eligible for JobMaker payments?

The JobMaker Hiring Credit scheme is designed to encourage businesses to employ additional young jobseekers aged 16-35 years. The hiring credit subsidises an increase in employee headcount. Eligible employers can receive the hiring credit for up to 12 months for each eligible employee engaged between 7 October 2020 and 6 October 2021. Registration for the…

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PAYG obligations for contractors

The ATO has published a useful checklist about your PAYG obligations if you hire a contractor. If the contractor doesn't provide you with their ABN: • you generally need to withhold 47% from payments to them• give a completed PAYG payment summary – withholding where ABN not quoted to the contractorwith their net payment, or…

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