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 […]
Rate change for franking credits – 2016/17
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 […]
Key dates for July 2017
This list of key dates is not comprehensive – it is a guide only. Events or timelines may change. Unless otherwise stated, the due dates provided are for 30 June balancers only. When a due date falls on a Saturday, Sunday or public holiday, you can lodge or pay on the next business day. The payment […]