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
Tax offsets and why the recent personal income tax cuts don’t necessarily give you cash back
The fact is that the changes to the personal income tax was in the form of tax offsets, rather than straightforward cash payments to tax payers. What this means is that first, you have to have a tax liability to benefit from the changes. 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
ATO to further punish non-compliance with PAYG obligations from 1 July 2019
Now, the ATO has added another incentive for PAYG compliance. From 1 July, businesses that fail to comply lose the ability to claim the corresponding payments as a tax deduction. read more
5 year provision to carry forward unused concessional superannuation contributions
If you don’t contribute up to the concessional contributions cap amount in a financial year, you can carry forward the shortfall to contribute in up to the next five financial years, on top of the $25,000 cap for each of those years. read more
What working from home expenses can you claim?
While the ATO acknowledges that there is a rising trend for working from home and that technology has lead to greater flexibility in being able to do so, they believe that some taxpayers are "either over-claiming or claiming private costs." read more
Company Tax and Franking Rate Changes Finalised for 2017-2018 Financial Year
This legislation brings in changes to company tax rates and by consequence, changes to the franking rate for dividends. These changes have been backdated to apply from 1 July 2017. read more
Federal Budget 2018-2019: Highlights for our clients
Federal Treasurer Scott Morrison's third budget has already been dubbed a 'Breadwinners' Budget by some, as it introduces a gradual lowering of income tax rates and temporary tax offsets for low and middle level income earners. read more
Top 5 Fringe Benefits Tax Black Spots
It is not safe to assume that what isn't reported to the Australian Taxation Office (ATO) isn't known or can't be known by the ATO. Their intelligence has been significantly increased with more data matching being done and audits are regularly undertaken. For example - by looking at your odometer readings and matching them to the business work schedule they can ascertain whether a car has been used for private purposes. read more

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