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LEGAL EARLY RELEASE OF SUPER

Most people know that superannuation cannot be accessed until retirement or in exceptional circumstances. What exactly are these exceptional circumstances have caused considerable confusion and allowed unscrupulous individuals to promote illegal…

$20,000 instant asset write-off

This tax time, your small business clients with a turnover of less than $10 million can write off assets costing less than $20,000 each in their 2016-17 return. All simplified depreciation rules will apply to assets when choosing this method. To…

Law Society External Examiners’ Report

Please note that all the Law Society Trust Account Examiners had to be reaccredited in NSW in order to perform Trust Account Audits by 31st March 2018. Please note that the following extract is from The Law Society of NSW. Please take…

Taxable payments annual report

Some businesses and government entities need to report each year the total payments they make for services on the Taxable payments annual report. In addition, some government entities also need to report grants paid. These payments need…

$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…

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…

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…