The 2017 SMSF return: are you up for the challenge?
This article is reprinted from Acuity Magazine. Under the new super rules, this year’s SMSF returns are going to be very complex and it’s important that practitioners are up to speed. In Brief There’s no such thing as simple super anymore. The changes are the most significant in a decade and all details must be […]
Occupation-specific guides
There have been a lot of discussions regarding work related deductions in the present. The ATO has published a guide as follows. When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income. To claim a work-related deduction: you must have spent the […]
Catching the wave of SMSF opportunities
This is a reprinted report of an article posted by Class, Australia’s leading cloud-based SMSF administration software. Kevin Bungard, CEO of Class, shares insights into how the advance in technology is driving a revolution in the competitive SMSF landscape. In brief Accountants involved in SMSFs know change is occurring Online access is expected for SMSFs […]
TAX CHANGES FOR SMALL BUSINESS – UPDATES
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 […]
How the Government stole your franking credits
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 […]