28 February 2018
Tax time is only a few months away. As an employer, here are some things you can get organised now so you don’t miss out on claiming what you’re entitled to.
Deductions for salary and wages
If you’re in business as a:
Deductions for super contributions
Super contributions can be claimed as a deduction too, providing they were paid to a complying super fund or retirement saving account for your employees. To get this right, you’ll need to know the amount your employees earn for their ordinary hour of work called 'ordinary time earnings'.
Ordinary time earnings include commissions, shift loadings and allowances, but not overtime payments.
By getting your records ready early, making payments on time and reporting accurately will mean this year will be done and dusted in no time.
Remember, registered tax agents and BAS agents can help you with tax advice.
Find out about:
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