Blogs

March 2016 Newsletter

 

Tax relief for small businesses that restructure on the way

Small businesses are important to the Australian economy, as they facilitate growth and innovation. However, as a small business develops over time, its initial legal structure may no longer be suitable for the business. Where a business has to restructure to accommodate growth, the transfer of assets from one legal structure to another could give rise to unwanted tax liabilities, even though the underlying economic ownership remains the same.

April 2018 Newsletter

New superannuation rates and thresholds released 

April 2018 Newsletter

New superannuation rates and thresholds released 

$20,000 Small Business Write Off

The write-off threshold of $20,000 will cease on 3rd 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 12th May 2015 and will reduce to $1000 from 1st July 2018.

What Your Business Needs to Know About Single Touch Payroll

From 1st July 2018, Australian businesses with more than 20 employees on the payroll will be required to use Single Touch Payroll.

Contact us for more information.

Newsletter November 2017

Reporting of transfer balance account information

Editor: The recent superannuation reforms introduced the concept of a 'transfer balance account', to basically record the value of member balances moving into or out of 'retirement phase'.

In order to monitor these amounts, the ATO is introducing new reporting requirements and forms.

The ATO has released the new Transfer Balance Account Report (‘TBAR’), which is now available on ato.gov.au, and the ATO plans to have an online TBAR form available from 1 January 2018.

October 2017 Newsletter

Newsletter

October 2017

 

No small business tax rate for passive investment companies

The Government has released draft tax legislation to clarify that passive investment companies cannot access the lower company tax rate for small businesses of 27.5%, but will still pay tax at 30%.

The amendment to the tax law will ensure that a company will not qualify for the lower company tax rate if 80% or more of its income is of a passive nature (such as dividends and interest).

September 2017 Newsletter

ALP announces massive (potential) changes to trust taxation

September 2017 Newsletter

ALP announces massive (potential) changes to trust taxation

August Newsletter

 

ATO warning regarding work-related expense claims for 2017

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