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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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FBT: Car parking threshold

The car parking threshold for the FBT year commencing 1 April 2017 is $8.66.  This replaces the amount of $8.48 that applied in the previous year commencing 1 April 2016.

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Proposed budget changes: some key points

On Tuesday the 9th of May 2017 at 7:30pm AEST, the Australian Treasurer Scott Morrison handed the latest federal budget. Within the budget, the government proposed some changes to the depreciation of plant and equipment assets and the eligibility to claim these deductions. The following points provide a summary of the key facts property investors […]

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Personal income tax

Increase in the Medicare levy The Medicare levy will increase by half a percentage point from 2.0 to 2.5 per cent of taxable income from 1 July 2019. Other tax rates that are linked to the top personal tax rate, such as the fringe benefits tax rate, will also be increased.  Low-income earners will continue […]

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Foreign residents

Lower threshold for withholding tax for residential property disposals From 1 July 2016, foreign investors were subject to a withholding tax where they sold a residential property for $2 million or more.  The obligation to withhold falls on the purchaser of the property. From 1 July 2017, this threshold will reduce to $750,000.  As median […]

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Business owners

Integrity measures limiting access to small business capital gains tax concessions Measures will be introduced to ensure that taxpayers do not arrange their affairs in a way that means ownership interests in larger businesses do not count towards the small business CGT tests. This will ensure that the small business concessions are available to the […]

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