Thursday, May 16, 2013

The Reg reports sole traders will now have to pay PAYG monthly but may be incorrect.

I read the following article and thought, gee, the budget is certainly going to increase admin and/or admin costs for small businesses.

Sole traders may have to pay tax monthly, not quarterly... Read More

On further investigation the journalist appears not to have connected the reference to ‘all large entities’ which appears in the same section of the referenced document. The following article makes it clearer the turnover needs to be $20 million or more and that would exclude a considerable number of IT consultants The Reg article was referring too.

All PAYG entities with turnover of $20 million or more will have to pay tax monthly rather than quarterly from January 2017.... Read More

At the time of the budget if you see something that affects you that is written in the media it is a good idea to double check the information. Sometimes wait a while before searching as the articles may take a while before being picked up by the various search engines.

- Kelvin Eldridge
Call 0415 910 703 for help with your computer problem.
Servicing Templestowe, Doncaster, Eltham and the surrounding area.

Disclaimer. This article is not to be considered tax advice. Only certain professionals are legally allowed to provide tax advice. You should confirm tax related information with the respective government department or a suitable professional adviser.

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