My business is registered for G.S.T. and I am about to sell a vehicle that has been used for business purposes. Do I have to charge G.S.T. on the sale or trade-in?
Yes, you do. All tangible business assets are liable for G.S.T. on sale, even trade-ins.
I have casual employees. Do I have to contribute superannuation for them?
Any employee who earns more than $450 gross in any month is entitled to employer superannuation contributions (at 9.5% after 1st July 2014). All contributions must be paid by 28th July each year to avoid the Superannuation Guarantee Levy.
When do I have to register for Payroll Tax?
If your gross wages, allowances, superannuation contributions & fringe benefits in N.S.W. the 2020 year total more than $900,000 then you must register for payroll tax. The tax rate is 5.45% on the excess wages over the threshold. There are similar provisions for employees in other states, and grouping provisions for employers apply.
When am I liable for Land Tax on my investment properties?
Generally speaking, on 31st December 2019, if your property holdings in NSW (apart from your principal place of residence) have an unimproved capital value (UCV) of greater than $734,000, then you are liable for Land Tax of $100 + 1.6% of the excess value over the threshold. For properties with a UCV of greater than $4,488,000 (the “premium threshold”) then Land Tax is $60,164 + 2% of the excess. There are some exemptions available for primary production land. Land Taxes in other states have similar rules with differing calculations.
I have my head office in NSW, but employ staff in other states. I have a workers compensation policy for all my employees in NSW. Do I need to take out more workers compensation insurances?
Yes, employees in other States will need to be covered by policies taken out there. The NSW Workcover Authority delegates administration iCare, whereas other states have a Workcover Authority that manages all administration of its workers compensation issues.