Change to deductions for personal super contributions

Up until 30 June 2017, an individual (mainly those who are self-employed) could claim a deduction for personal super contributions where they meet certain conditions. One of these conditions is that less than 10% of their income is from salary and wages.  This was known as the “10% test”. From 1 July 2017, the 10% […]

Read more Like this post0

Changes to the foreign resident withholding regime for sales of Australian real estate

Since 1 July 2016, where a foreign resident has disposed of real estate located in Australia, the purchaser has had to withhold 10% of the purchase price upon settlement and remit this amount to the ATO, where the market value of the property was $2,000,000 or greater. As a result of another 2017/18 Budget Night […]

Read more Like this post0

Extension of the $20,000 SBE Immediate Deduction Threshold

In the 2017/18 Federal Budget handed down on 9 May 2017, the Federal Government announced that it intended to extend the ability of Small Business Entity (or ‘SBE’) taxpayers to claim an outright deduction for depreciating assets costing less than $20,000 until 30 June 2018.  This Budget Night announcement has now been passed into law. […]

Read more Like this post0

Simpler BAS is coming soon

The ATO is reducing the amount of information needed to be included in the business activity statement (or ‘BAS’) to simplify GST reporting. From 1 July 2017, Simpler BAS will be the default GST reporting method for small businesses with a GST turnover of less than $10 million. In relation to GST, small businesses will […]

Read more Like this post0

It’s not too late to claim depreciation

With the 2016-2017 financial year now over, property investors may assume that they have missed their opportunity to organise a tax depreciation schedule and make a depreciation claim. Research suggests around 80 per cent of property investors simply don’t claim because they are unaware of depreciation, they don’t know the rules or they don’t realise they’re eligible. Legislation […]

Read more Like this post0

Small Business Entity Rules

  “Small Business Taxpayer” The Small Business Entity Rules apply to a sole trader, partnership, company or trust which has a group turnover of less than $10M in the previous year or likely to be less in the current year.  The new income threshold of $10M applied from 1st July 2016.  These businesses qualify as […]

Read more Like this post0

End Of Year Tips

Prepayments – if your turnover is under $10 million, consider any prepayments prior to 30th June 2017. “Cash is King!” – update your financial records to 30th June 2017 so you can discuss with us the possible variation of your PAYG instalment due by 28th July 2017. Federal Budget Not Passed The following is a […]

Read more Like this post0

Budget Update

The Government handed down the 2017/18 Federal Budget on Tuesday 9th May 2017. The Budget proposes (amongst several other changes) to increase the Medicare Levy by 0.5% to 2.5% from 1 July 2019 (and tax and withholding rates that are linked to the highest marginal income tax (e.g., FBT) will also increase from 1 July […]

Read more Like this post0

More taxpayers can access the benefits of being an ‘SBE’

Recent changes to the law have expanded the eligibility criteria for a taxpayer to be considered a ‘Small Business Entity’ (or ‘SBE’), meaning more businesses will be able to utilise the tax concessions that are only available to SBEs.  Broadly speaking, for the year ending 30 June 2017, a business taxpayer will be an SBE […]

Read more Like this post0

Using social media? Be aware of tax scams!

The ATO has advised that, in the lead up to tax time, it’s important to be aware of what taxpayers share on social media. Note that scammers may also try to impersonate a tax agent (or their practice) and try to trick recipients into providing personal information or to release funds. The ATO recommends that […]

Read more Like this post0
Close
Go top