The Government has extended the $20,000 immediate write-off for small businesses to 30 June 2019. All entities carrying on a business with an aggregated turnover of less than $25 million are eligible for this small business concession. Small business entities can also apply the simplified depreciation rules, which include: Depreciating assets valued at less than…
Under the taxable payments reporting system (TPRS), businesses are required to report payments they make to contractors to the ATO. This was introduced to improve tax compliance in the building and construction industry. As part of the 2017/18 Federal Budget, the Government announced that it would extend the TPRS to the cleaning and courier industries,…
Bitcoin trading is new. What happens with Bitcoin and your tax return? ATO Provides guidance on Cryptocurrencies Bitcoin is a global digital currency that was created to provide an alternative, online payment system that operates independently of a central bank. Bitcoins can be mined but are most commonly acquired through a broker or bitcoin exchange.…
Changes to individual tax rates and the introductions of ANOTHER income offset The Government will introduce a seven-year, three-step, Personal Income Tax Plan. Step 1: Targeted tax relief to low and middle income earners The Government will introduce the Low and Middle Income Tax Offset, a non-refundable tax offset of up to $530 per annum to Australian…
In order to best protect assets and have flexibility with cash flow and paying the right amount. Basic strategies Minimise exposure to risk:- (eg don’t try to take out risky behaviours in business or personal life) Insure against risk (take out the right insurances) Avoid owning assets in entities where risk is attached. Asset protection…
We are already in March. 30 June will be here before we know it (Its less than 12 weeks away) 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…
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…