Reporting burden increases with the introduction of Taxable Payments Reporting regime for building and construction businesses. From 1 July 2012 businesses in the Building and Construction industry will be required to report payments paid to each contractor paid during the year. The system will be similar to the PAYG Withholding system currently used for employees. […]
BUDGET 2012
HOW IT MAY EFFECT YOU Individuals and families The government will not proceed with the standard deduction for work-related expenses. The 50% tax discount for interest income will not proceed. A means test will be introduced for the net medical expenses tax offset (NMETO) from 1 July 2012. For people with adjusted taxable income above […]
Accounting Software…
Using accounting software saves hours of time compared to handling the books manually and is usually more efficient than using spreadsheet. This is because accounting software reduces or eliminates redundant data entry, like entering the customer’s address on the quote, then the work order, and then the invoice.If you are a sole proprietor with no employees, low […]