Most people start with the will itself, however this is only half the story. Although a will is vital, it only comes into force once you die. An Enduring Power of Attorney (EPOA), on the other hand, enables your assets to be dealt with while you are still alive in the event of incapacity or…
The tax office is warning employees there is no such thing as a “free pass” when claiming car deductions each year, while small business owners with vehicles have been reminded to check in with their accountants about what deductions they are entitled to. The ATO recently made a statement warning taxpayers not to simply claim…
From 1 July 2016, the aggregated turnover threshold for small business eligibility has increased from $2 million to $10 million. This change allows more entities to benefit from the following small business concessions in the 2017 tax year: The simplified depreciation rules – small businesses are still eligible for the immediate deduction for depreciable assets…
Big tax change becomes law (Definition of small business now up-to- 10 million in turnover, instant asset write-off still there for another 12 months) The government’s hard-fought change to the corporate tax rate for small businesses has also altered the definition of “small business” to now include companies with up to $10 million in annual…
Personal Income Tax There are no changes to the individual tax rates this year. However, the Temporary Budget Repair Levy that was introduced in the 2014-15 Federal Budget will cease on 30 June 2017. This levy was 2% of an individual’s taxable income that exceeded $180,000. The effective top marginal tax rate for individuals reduces…
Definition of Small Business now up-to-10 million in turnover, instant asset write-off still there for another 12 months. The government’s hard-fought change to the corporate tax rate for small businesses has also altered the definition of “small business” to now include companies with up to $10 million in annual turnover, meaning budget pledges to extend a number of…
Personal Income Tax There are no changes to the individual tax rates this year. However, the Temporary Budget Repair Levy that was introduced in the 2014-15 Federal Budget will cease on 30 June 2017. This levy was 2% of an individual’s taxable income that exceeded $180,000. The effective top marginal tax rate for individuals reduces…
Here is my tax tip of the day. If you employ staff then buy them a birthday cake on their birthday. It’s a great little social team gathering usually around morning tea. Any small gifts that aren’t entertainment are tax deductible. Staff Amenities are tax deductible if consumed in the office. Tim Wilshire Contact…
Many people would assume that a gain made on the sale of a rental property held for nearly 10 years would be a capital gain eligible for the 50% general discount. However, in a recent decision by the Full Federal Court, the length of time an investment property had been owned was judged not as…
Many people would assume that a gain made on the sale of a rental property held for nearly 10 years would be a capital gain eligible for the 50% general discount. However, in a recent decision by the Full Federal Court, the length of time an investment property had been owned was judged not as…
