$20,000 instant asset write-off
The write-off threshold of $20,000 has been extended to 30 June 2018. If you buy an asset and it costs less than $20,000, you can immediately deduct the business portion in your tax return. The $20,000 threshold applied from 12 May 2015 and will reduce to $1,000 from 1 July 2018. You are eligible to […]
Legislation makes many accountants responsible for the health and safety of the workers in their organizations. How do you ensure your business is safe?
New Zealand’s workplace health and safety records paint a very grim picture. Every year, 50 to 60 people are killed in workplace incidents, and hundreds more die as a result of work-related ill health. New Zealand’s fatality statistics are nearly twice as high as Australia’s, and three times as high as those of the UK. […]
Superannuation downsizing measures to become reality
The government has passed elements of its housing affordability plan, allowing those over the age of 65 to funnel money from the sale of their home into super. As of 1 July 2018, Australians aged 65 and over who are selling a home they’ve owned for at least 10 years will be able to funnel […]
ATO’s 2018 hit list targets smaller tax avoiders
In an interview with Acuity, Australian Tax Commissioner Chris Jordan FCA spells out his new agenda for 2018, where he sets small business and big spenders in his sights. In Brief ATO Commissioner Chris Jordan gives Acuity the first detailed explanation of his 2018 tax “hit list”. The hit list focuses on small businesses and […]
Top 10 tips to help rental property owners avoid common tax mistakes
Whether you use a tax agent or choose to lodge your tax return yourself, avoiding these common mistakes will save you time and money. The Australian Taxation Office has published the following list. Keeping the right records You must have evidence of your income and expenses so you can claim everything you are entitled to. […]