Ascend News

The Australian Government has announced stimulus packages aimed at helping Australians navigate financial hardships as a result of COVID-19.

We would like to wish all of our clients well during this difficult time for small business. As always, we are here to help you in any way we can.

With the new financial year upon us, we thought you might like a quick 'ready reckoner' of tax obligations for your strata clients:

Single Touch Payroll (STP) has been passed by parliament. This means that all employers, including many strata companies, will need to report payroll information electronically to the ATO every time they pay employees.

Single Touch Payroll is a mandatory change in the way employers report payroll to the ATO.  It affects all employers and our FAQ article gives strata managers all of the information they need to know.

Many strata schemes inadvertently provide fringe benefits to caretakers and set themselves up for possible costly tax bills as a result

On 26 February 2018, the SBSCH service will move to the Tax Agent Portal / Business Portal Environment.  Ascend outlines how will this affect your business.

Last week, the ATO issued Taxation Ruling TR 2015/3, outlining the Commissioner's views in relation to income tax matters that affect strata title bodies. This ruling represents the final version of Draft Taxation Ruling TR 2015/D1 which was issued back in March.

The ATO has issued a new draft tax ruling explaining specific income tax issues that affect strata companies and their owners.