Articles

November 13, 2019

Small Business Entities with an aggregated turnover less than $10m

You may be eligible to change your GST accounting method from accruals to cash, therefore not being required to pay GST on debtors. If your small business entity has an aggregate turnover (business and connected entities) of less than $10m, then please read on. The Government in recent years has increased the small business entity […]

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October 2, 2019

What to Consider when Choosing a Business Structure

A business structure, also called a tax structure or a legal structure, can be a legal owner of assets and/or operate a business or own investments in its own right, legally recognised in a given jurisdiction and separate from a natural person.  This topic will look only at the main considerations when deciding what business […]

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September 26, 2019

Salary Sacrifice Arrangements for Electronic Portable Devices

The digital age is evolving, which means that technology such as laptops, tablets and mobile phones can be carried everywhere. Common items your employees use in their everyday life. As a result, work can be completed nearly anywhere in the world, including remote areas. These devices are usually owned / purchased by the employee as […]

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June 24, 2019

Year End Update for Individuals

ATO focus area Work related deductions Last financial year, over 8.8 million taxpayers claimed $21.98 billion in deductions for work related expenses. It’s an area under intense review by the Australian Taxation Office (ATO). If you claim work-related deductions, it’s important to ensure that you are able to substantiate any claim you make.   To […]

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June 24, 2019

Year End Update for your Self Managed Super Fund

In brief Changes and actions Pre 30 June 2019 • Ensure that contributions are made and received by 30 June. If contributions are by EFT, ensure that the contributions is recognised in the bank account as at 30 June. • Where applicable, ensure minimum pension payments have been withdrawn from the fund’s bank account by […]

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June 24, 2019

Year End Update for your Business

Key Dates 29th January 2019 • Instant asset write-off increased from $20,000 to $25,000 2nd April 2019 • Instant asset write-off increased from $25,000 to $30,000 (7:30pm AEDT) • Threshold to access instant asset write-off expanded to businesses with an aggregated turnover up to $50 million Pre 30 June 2019 • Companies – Review shareholder […]

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June 5, 2019

Changes to the Instant asset write off thresholds for Businesses

This article highlights the instant asset write off concession and the changes the Government have announced (which are now law) regarding this concession and the eligibility requirements.   We note, we now have a tax system with three ways to claim deductions on asset purchases. What is the instant asset write off? The instant asset […]

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April 15, 2019

Small Business Capital Gains Tax (CGT) Concessions – The Basic Conditions

Small Business CGT concessions allow eligible small businesses to disregard or defer some or all of a capital gain resulting from the disposal of an active asset used in a small business. The small business CGT concessions are only available if certain conditions are met, with some of the concessions requiring further specific conditions to […]

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March 15, 2019

Single Touch Payroll – Is your business ready?

The long-awaited Single Touch Payroll system will apply to all employers from 1 July 2019. On the 1st March 2019, the bill extending Single Touch Payroll mandatory reporting to include small employers (fewer than 20 employees) received royal assent, meaning this is now law. What is Single Touch Payroll? Single Touch Payroll is a way […]

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March 15, 2019

GST and Depreciation Cost Limits for Motor Vehicles

This article considers the impact on depreciation and GST when purchasing a motor vehicle for your business. As a business owner you may be thinking of purchasing a motor vehicle as part of your business. While this may sound attractive, business owners should carefully consider the purchase price and its impact for tax and GST […]

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