‘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 […]

Transition to Retirement Pensions

26 May

From 1 July the tax treatment of Transition to Retirement Pensions (TRIS) will change significantly. Should you continue drawing your TRIS after this date? The income generated in your superannuation fund that supports your TRIS has been exempt from tax up to now, however this concessional treatment will end on 30 June 2017. From 1 […]

$20,000 Asset Immediate Write-Off Extended

25 May

The $20,000 instant asset write-off concession allows “small” businesses to immediately deduct the full value of every depreciating asset purchased up to the value of $20,000, instead of claiming the depreciation deductions over a number of years. A sole trader, partnership, trust or company that is carrying on a business activity with aggregated annual turnover […]

NO DEDUCTION FOR RESIDENTIAL RENTAL PROPERTY TRAVEL EXPENSES

25 May

Travel expenses related to inspecting, maintaining or collecting rent for a residential rental property will be disallowed from 1 July 2017. The Government said that this change is designed to address concerns that many taxpayers have been claiming travel deductions without correctly apportioning costs, or have claimed travel costs that were for private travel purposes. […]

ATO Tax Essentials Workshop for Small Business

25 Nov

The ATO are holding a free workshop in Noosaville aimed at small businesses and designed to make managing tax and super obligations easier. This workshop will cover the following topics: Tax Essentials: the best business structures for you, and registrations you may need how to keep track of your business through record keeping, and save […]

HECS / HELP Voluntary Repayment Bonus

17 Nov

Can I pay off my HECS / HELP debt sooner? Yes…..you can make a voluntary repayment to the ATO at any time for any amount. If you make a voluntary repayment of $500 or more, you will receive a bonus of 5 per cent. This means your account will be credited with an additional 5 […]

Amendments to proposed superannuation budget measures

30 Sep

Amendments to proposed superannuation budget measures Last week the Government announced changes to the superannuation measures announced in the 2016-17 Budget. The main change being the measure proposing a $500,000 lifetime cap for non-concessional superannuation contributions will be replaced with a measure to instead reduce the existing annual cap of $180,000 (for 2015/16 and 2016/17) […]