Senate passes $20000 instant asset write off the extension

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.

2018

Are you dealing in a cash economy business? Be-Aware!

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…

2018

Payroll, Hourly Rates, Awards and Fairwork: P.A.C.T

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…

2018

Tax Return 2018

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…

2018

SMSF Non lodgement on ATO’s scanner: Be-Aware!

SMSF Non lodgement on ATO’s scanner: Be-Aware! The ATO has undertaken a drive to declare SMSFs not lodging their tax returns as non-compliant. A non-compliant SMSF means that it is not eligible for concessional tax rates and hence will be taxed at 45%. The lodgement of a Self Managed Super Fund (SMSF) annual return is…

2018