$20,000 instant asset write-off

18 Jan

The $20,000 instant asset write-off has been extended to 30 June 2018! The ATO small business newsroom released an article on 2 January 2018 stating the below – to view the original article click this link or continue reading: If you buy an asset and it costs less than $20,000, you can immediately deduct the […]

Significant change to the ATO Small Business Superannuation Clearing House coming next month

10 Jan

The Small Business Superannuation Clearing House (SBSCH) is a free service that can be used by businesses with 19 or fewer employees, or have an annual aggregated turnover of less than $10 million. A business’ Super Guarantee (SG) contributions can be made as a single electronic payment to the SBSCH.  The SBSCH then distributes the payment to each […]

SMSF Investments in Bitcoin and other cryptocurrencies

15 Dec

With the surge of Bitcoin being repeatedly in the headlines recently many investors, including SMSF Trustees, are considering investing in Bitcoin and other cryptocurrencies. So, can an SMSF invest in cryptocurrencies?  The brief answer is yes.  However, please read on! As in all things new to do with your SMSF it is advisable to contact […]

Are you a small business entity?  

24 Nov

There have been recent changes to the definition of a small business entity.  From 1 July 2016 a small business entity is a sole trader, partnership, company or trust that carries on a business (for at least part of the financial year) and has aggregated annual turnover less than $10 million.  Prior to 1 July […]

Recovery of HELP debts from non-residents living overseas

10 Nov

From 1 July 2017 the Australian Government has introduced new repayment obligations for Australians living overseas who have an outstanding Higher Education Loan Program (HELP) debt.  This will bring the repayment obligations in line with those with HELP debts living in Australia.   Until now, people with a HELP debt that moved overseas and became a […]

Changes to Personal Super Contributions

20 Oct

From 1 July 2017 all individuals under the age of 75 are able to claim an income tax deduction for personal superannuation contributions made to a complying superannuation fund.  Previously only individuals who derived less than 10 percent of their income from employment sources could claim this deduction.  Employees that were excluded because of the […]

Foreign resident capital gains withholding payments

12 Oct

Are you selling or purchasing a property with a value of $750,000 or higher?  If so, we suggest you contact your Stratogen Accountant to discuss the implications. Currently the foreign resident capital gains withholding rules apply to real property disposals where the contract price is $750,000 or above.  The withholding rate is 12.5% of the […]

Sell your home and use some proceeds to contribute to super… but BEWARE of potential negative implications!

05 Oct

From 1 July 2018 a person aged 65 or over can make a non-concessional contribution into their superannuation fund of up to $300,000 from the proceeds of selling their principal place of residence. To be eligible for the proposal, you must have owned the property for at least 10 years and occupied that property as […]

‘Simpler BAS’ from 1 July 2017

04 Jul

From 1 July 2017, the ATO are reducing the amount of information required to report on Business Activity Statements for small businesses. Aptly named ‘Simpler BAS’ will be the default GST reporting method for small businesses with a GST turnover of less than $10 million. If you are a small business with less than $10m […]

SMSF Deed Update

30 May

There have been significant changes to the legislation relating to superannuation in recent years with many of these changes effective from 1 July 2017. It is prudent to have an up to date trust deed to ensure your SMSF can take advantage and/or be compliant with all of the changes. We recommend updating your SMSF […]