Search This Blog

Tuesday 30 September 2014

ATO App for your smart phone & tablet

Individuals, small business owners and trustees of self-managed super funds can now access a range of ATO information via smart phone or tablet.
The ATO smart phone app is compatible with most smart phones and tablets using:

  • iOS 5 and later
  • Android™ OS 2.3.3 – 2.3.7 and OS 4* and later
  • Windows Phone 8.
Individuals can lodge tax returns, track lost super, update financial institution details and more.

Businesses can calculate fuel tax credits, employees' PAYGW and superannuation and more.  See the ATO app for more details

Saturday 13 September 2014

Minimum information requirements on employee pay slips

Employers are obligated to issue pay slips to their employees in a timely manner with the required information regarding their pay.

Pay slips must be given to employees within 1 working day of their pay day, even if the employees are on leave.

Pay slips must be issued in an electronic format or hard copy. Electronic pay slips should be in an easy to print format and contain the same information as hard copy pay slips.

The details of an employee's pay covered in their pay slips include:

  • Employer's and employee's name
  • Employer's Australian Business Number
  • Pay period
  • Date of payment
  • Gross and net pay
  • The hourly rate and number of hours worked
  • Any loadings; allowances, bonuses, incentive-based payments, penalty rates or other paid entitlements
  • Any deductions from the employee's pay
  • Any superannuation contributions paid for the employee's benefit.
Though not required, it is recommended that the balances of the employees' leave be shown on their pay slips.

A pay slip template can be accessed from the Fair Work website.

Click here for more information.

Sunday 7 September 2014

Rules for correcting GST errors

The Tax Office offers a guide on how to correct GST errors made on earlier activity statements on a later activity statement provided certain conditions are met.
 
A GST error is a mistake made in working out the net GST amount when you report too much GST or report too little GST.
 
Errors made in relation to fuel tax credits, wine equalisation tax or luxury car tax are not considered to be GST errors.
 
To correct GST errors which resulted in you paying too much, all of the following conditions must be satisfied:
  • The correction is made within the 4 year time limit;
  • It is not subject to a compliance activity; and
  • It has not already been corrected in another reporting period.
 
To correct GST errors which resulted in you paying too little, all of the following conditions must be satisfied:
  • It is not subject to a compliance activity;
  • It has not already been corrected in another reporting period;
  • The error was not a result of recklessness or intentional disregard of a GST law;
  • The correction is made within the period that is determined by your GST turnover, which is either 12 or 18 months; and
  • The net sum of the error is within the taxpayer’s error value limit.
Click here to access the guide.