Still Unsure About The Instant Asset Write-Off?
If you’re thinking about purchasing some new equipment for your business, it may make sense to bring forward that purchase in order to take advantage of the “instant asset write-off” available until 30 June 2020. The write-off allows small and medium businesses (with turnover up to $50 million) to claim a full deduction for any depreciating […]
The Australian Tax Office hotspots 2019 — do they apply to you?
Every tax time, the ATO focuses on certain hotspots where taxpayers are prone — either accidentally or deliberately — to make errors. These are the areas it will concentrate its audit firepower on, and for those who have made claims in areas which the ATO will be targeting, they can be a wake-up call both to ensure […]
The Government has delivered tax cuts. So how much will you get?
The Government’s income tax cuts have been passed by the Senate. It is the second major tax cut in two years. This is what that means for you. This year: Modest cuts for most Australians Modest tax cuts are available to millions of Australians almost immediately. People earning between about $21,000 and up to $126,000 in […]
Tax Tips for Small Business
PRE-1 JULY 2019 TO-DO LIST Make trust resolutions Document the streaming of trust capital gains and franked dividends Review private company loans Consider deferring certain income, and bringing forward certain deductible expenses Write-off bad debts Pay employee bonuses and employee superannuation entitlements RECORD-KEEPING TIPS Record cash income and expenses Account for personal drawings Record goods […]
TAX TIPS FOR INVESTORS
RENTAL PROPERTIES The ATO has received a large boost in funding to close the $8.7 billion individuals tax gap. Part of its focus is to ensure taxpayers are returning all rental income as well as claiming only the rental property expenses to which they are entitled. Some of this additional funding will go to improving […]