Australia: Eligible expenditure for small business technology investment boost; STP Phase 2 salary reporting changes
Reports about recent tax-related developments
Reports about recent tax-related developments
The KPMG member firm in Australia prepared reports about the following tax-related developments.
- The Australian Taxation Office (ATO) issued an advisory on what expenditure is eligible for the small business technology investment boost. Some expenditure will be eligible for the boost depending on its purpose and its link to digitising the operations of the specific small business, and new and ongoing subscription costs can also qualify as eligible expenditure if it relates to the business’ digital operations. The ATO also published a full list of eligible expenditure.
- With the shift to Single Touch Payroll (STP) Phase 2, employers are now required to report pre-sacrificed salary amounts and separately report the salary sacrificed amounts. When it comes to reporting employee year-to-date (YTD) amounts, the ATO says employers now need to:
- Type S for amounts sacrificed to super
- Type O for amounts sacrificed towards other benefits
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