The Victorian State Budget 2017: Winners or Losers Victorian State Budget 2017 introduced on the 2nd of May 2017 included a number of changes in relation to property measures aimed to improve the affordability for first home buyers. However, where there are winners, there are losers. In this Budget, the losers were the real estate…
4% Building Allowance and CGT Most property investors are aware of a 2.5% building allowance, but do you know that there is also a 4% building allowance? Keep reading to see if you’re eligible! What is a building allowance? Most commonly known as capital works deduction (Division 43), which is claimable against your assessable income…
Not For profits and the DGR Changes (Deductible Gift Recipient ) The Commonwealth Government has announced a number of potential changes to the Deductible Gift Recipient (DGR) system. Under the old legislation, some DGRs had to report to the Commissioner of Taxation while others to ACNC.As released earlier this year, the reforms aim at bringing…
After a brief wait and long deliberation in regards to making the $20k write-off a permanent feature of the tax system for small business there is welcome news for small business operators and startups. There are around 3.3 million small businesses who have a turnover of less than $10 million in Australia and now they have the freedom to purchase and expand their asset as they are eligible for an instant write off of $20,000 on eligible asset purchases. The Senate on 12th of September 2018 re-instated the $20,000 instant asset write off for the next financial year.
Are you dealing in a cash economy business? Be-Aware! Receiving cash payments for businesses and individuals is legal and convenient. However, you still need to be aware of the inherent risks. Generally, cash sales and purchases are very common in a small business day to day operations. It is actually very convenient for a business…
Payroll, Hourly Rates, Awards and Fairwork: P.A.C.T As accountants we get asked from business clients all the time, what is the rate of pay for my employees and what is the applicable award. As accountants we may not know exactly what the base hourly rate is for each employee you hire off the top of…
Tax Return 2018 Wanting to lodge your 2018 tax return? We can be of assistance! Here are some quick facts about lodging: Tax returns cover the financial year from 1st July to 30th A tax return should be lodged by the 31st October deadline to avoid penalties. If you’re having difficulty or you want a…
General Interest Charge and Shortfall Interest Charge – What they are? General Interest Charge (GIC) is a uniform rate of interest to delayed tax payments. It is compounded daily since the day the tax was originally due and remained unpaid. GIC is considered as tax deductible expense. The GIC was introduced on 1st July 1999…
Changes to Investment property tax deductions affecting the Tax returns for 2017-18 FY: In the 2017 Federal Budget, new measures were announced in regards to changes on how depreciation can be claimed on residential properties as well as the removal of claiming travel expenses for trips taken to visit and inspect your investment property (ies).…
THE GREATEST CHANGE AFFECTING PAYROLL FOR YOUR EMPLOYEES IS HERE. SINGLE TOUCH PAYROLL! DUE DATE 1ST JULY 2018! As an employer or a small business owner; managing employee obligations and even generally managing staff is one of the most crucial and important aspects of running a business. Payroll forms the biggest expense for most small…
