Businesses wanting to participate in tendering for Commonwealth government contracts need to be aware that contracts over a certain amount require a statement of tax record to be included with the tender submission, and the statement will need to be valid at the time of tender closing. The statement of tax record is a just statement that confirms the business’ engagement with the tax system is satisfactory and will apply to all contracts that have an estimated total value of over $4m including GST.
Each year the ATO releases a report containing the latest annual statistical results for employer super guarantee (SG) compliance and obligations, and this year is no exception. According to the 2022-23 report, the amount of employers complying with their SG obligations without intervention from the ATO remained the same as the 2021-22 year, at 94%. This is the case even though the number of employees and employers reporting through single touch payroll (STP) has increased; 915,000 employers reporting through STP for around 14.3m employees in 2022-23 compared with 819,000 employers reporting through STP for approximately 13.6m employees in 2021-22.
In the lead-up to the 2023 Federal Budget and in the Budget Papers, the government has released some details of its proposed “Payday Super” proposal, which businesses of all sizes can benefit from early preparation.
Castletons is one of the very first accountancy firms in Australia to launch a free mobile Tax App. The great news is that the APP can be downloaded free onto your iPhone,iPad or Android devices. It's packed full of some really useful Tax Tables, Calculators and important financial dates, all of which you will be able to access for free, anywhere you have an internet connection on your device.