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 summary of some of the key issues contained in the Federal Budget 2017/18 that has been submitted to the House of Representatives, but has not yet been passed.
Limit on deductibility on equipment depreciation deductions to outlays actually incurred by investors.
Disallow travel expenses for residential rental property.
Extending the immediate small business deduction, for the purchase of assets costing under $20,000, to 30th June 2018.
HELP (Higher Education Loan Program) repayment changes.
Increase in Medicare levy.
For further information on the government proposal contained in the 2017/18 Federal Budget please contact the office.