Extension of the $150,000 Instant Asset Write-Off Provisions
The Treasurer has announced a six month extension to maintain the current instant asset write-off availability and $150,000 threshold until 31 December 2020. This is not yet law – it is still to be passed by parliament. Below are four things to be aware of in relation to instant asset write-off provisions: read more
Proposed cash payments limit legislation remains before Parliament
We previously wrote about the Government’s move to limit cash payments from 1 January 2020 to amounts of up to $10,000. This has not yet been legislated. The relevant bill, the Currency (Restrictions on the Use of Cash) Bill 2019, has passed through the House, but remains before the Senate. A report from the Senate Economics Legislation Committee is due on 28 February 2020. read more
Beware ATO actions to recover tax and superannuation debt
The ATO can take various actions to recover debts. The action taken is tailored to each individual situation and based on the circumstances, past behaviour and lodgment and payment history. read more
4 Key Points on the Instant Asset Write-Off Provisions
Eligible businesses can use these provisions to claim an immediate tax deduction for the full cost of qualifying assets under the threshold amount - rather than being restricted to only claiming the depreciated amount each year for the next 10 years. read more
Interim financial reports are only for big businesses. Right or wrong?
Financial reports are the gateway between what's just been happening in your business and what you should be doing right now, so the more current the report the better you can understand how to keep your business on course to your destination. read more
Safe harbour introduced for Directors promotes rescue rather than closure of struggling companies
A recent reform of Australia’s stringent insolvent trading laws has enabled a safe harbour from personal civil liability for directors who are taking a course of action to keep struggling businesses afloat. read more
Culture is the key to Sustainable Cost Reduction
Whether you're considering cost cutting in response to your business situation or as a proactive step towards protecting your businesses financial future, if you want sustainable results you need to treat it with the respect it deserves. Cost cutting should be undertaken with a 'future thinking' mindset. read more

Looking For A Clear Picture
Of Your Finances?

Focus Accounting and Financial Group offer clarity and insight into your current position, as well as a reliable strategy for future success. For tailored accounting services, business advice, SMSF support and a partnership you can trust, book your free consultation today.

Location

Contact Us