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 […]
SMSF survey reveals trustees are uneasy about offshore accounting
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 […]