From 1 July 2019, tax and super information needs to be sent to the ATO each time payroll is run and employees are paid. The new reporting requirement is called Single Touch Payroll (STP) and is currently available through most payroll, accounting and business software.
The government is currently offering grants to help small businesses owners grow their business. These grants can be used to help fund the development and growth of your business. The funding just requires an application to the relevant body once you are satisfied you meet the criteria. There are different grants available for specific purposes. The most relevant ones for Trade businesses owners are highlighted below.
The Queensland Government has introduced new reforms to improve security of payment in the building and construction industry.
The Queensland Government is implementing project bank accounts from the 1st of March 2018 for certain building and construction projects valued between $1 million and $10 million. This new incentive will also begin in 2019, to private sector projects that are over $1 million.
Project bank accounts, will involve the following 3 parties:
-Principal - who the building work is being carried out for under the contract
-Head Contractor - who is carrying out the building work under the contract
-Subcontractor - first-tier subcontractors who have been subcontracted by the Head Contractor to carry out the work under the contract