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…
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…
What every employer needs to know about fringe benefits On 31 March 2017, the Fringe Benefits Tax (FBT) year ends. The ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. To help you meet your fringe benefits obligations, we’ve put together a list…
We are already in March. 30 June will be here before we know it. Too often, we end up suffering because we have procrastinated and not made a decision to do something about it. If we all leave tax planning until the end of May and early June, there may not be enough time to…
After lodging an activity statement you may find that you have missed something or neglected to include a particular item. While the ATO will generally take your word for self assessed activity statements they will review information via means such as data matching which may highlight any errors you have made. If an inadvertent error…
Are you clear on what non‑concessional contributions you can contribute in a year? With the Government abandoning its policy to introduce a $500,000 lifetime cap for non-concessional contributions are you clear on what non-concessional contributions you can make to superannuation now? Non-concessional contributions are contributions that are made to super from after-tax income or…
Salary packaging is a way in which an organization can increase the take home pay of its employees. If done correctly there is no additional cost to the business and the employee will gain a tax advantage. What is Salary Packaging? Salary packaging is where an employee agrees with their employer to forego part of…