Bills for increase in Medicare levy to 2.5% The Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017 has been introduced into Parliament to implement the Government’s 2017–2018 Budget announcement to increase the Medicare levy by 0.5% to 2.5% from 1 July 2019 in order to help finance the National Disability Insurance Scheme (NDIS). Nine other […]
Bill to increase Medicare levy The Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017 has been introduced to implement the Government’s 2017–2018 Budget announcement to increase the Medicare levy by 0.5% to 2.5% from 1 July 2019 in order to help finance the National Disability Insurance Scheme (NDIS). Nine other Bills have been introduced to […]
Instant deductibility threshold extended Budget 2017-18 has extended the instant deduction for depreciating business assets costing less than $20,000 until 30 June 2018. Please note that this provision only lets small businesses to claim a tax deduction earlier. It does not offer any additional tax deduction measured over the life of the asset. With the extended definition […]
Work-related expense claims under scrutiny The ATO has warned taxpayers to avoid making incorrect claims for work-related expenses at tax time this year. This year, the ATO is using real-time data to compare taxpayers with others in similar occupations and income brackets, to identify higher-than-expected claims related to expenses for work vehicles, travel, internet and […]
Work-related expense claims under scrutiny Will you claim work-related expenses on your tax return this year? The ATO now uses real-time data to compare people’s tax returns with others in similar occupations and income brackets. This year it’s focused on identifying higher-than-expected claims for expenses related to work vehicles, travel, internet and mobile phones, and […]
Investment company Century Australia wrote to shareholders last week to tell them it was recalculating the franking credits it had issued with dividend payments made during the 2016/17 financial year. Century’s turnover in the 2016/17 financial was below $10 million, which means that under the new company tax rates, its rate for the year is […]
Tax cut for small businesses: ATO will amend returns For the 2016–2017 income year, the company tax rate for small businesses decreases to 27.5%. Companies with turnover of less than $10 million are eligible for this rate. The maximum franking credit that can be allocated to a frankable distribution has also been reduced to 27.5% […]
Tax cut for small business: ATO will amend returns For the 2016–2017 income year, the company tax rate for small businesses decreases to 27.5%. Companies with turnover of less than $10 million are eligible for this rate. The maximum franking credit that can be allocated to a frankable distribution has also been reduced to 27.5% […]
An overwhelming majority of SMSF trustees are uncomfortable with their personal financial records being processed and stored offshore, according to a recent survey. A survey of SMSF trustees conducted by SMSF administration firm Superfund Wholesale found that 70 per cent of respondents were uncomfortable with their personal financial records being processed and stored offshore, while […]
The company tax rate for small business has been reduced to 27.5% for 2016-17 and the maximum franking credit your small business clients can allocate has decreased to 27.5% (previously 30%). This reduced rate applies to companies with an aggregated turnover of less than $10 million. If small businesses have issued distributions for the financial […]