The Australian Federal Government has announced an economic stimulus package in response to the Coronavirus which includes tax relief for small businesses and employers. The main measures that will be administered by the ATO are cash flow assistance for employers, increased instant asset write-off thresholds and accelerated depreciation deductions. The Government will also provide a […]
Archive | Taxation
RSS feed for this sectionTax Strategies pre 30 June 2019
12
Jun
The end of financial year is fast approaching therefore it is now time to not only look at what has been achieved throughout the year, but also see whether any fine-tuning can (or should) be made before 30 June. Maximising tax deductible expenses If cash flow permits, you may consider prepaying deductible interest or bringing […]
Tax strategies pre 30 June 2018
08
Jun
PERSONAL AND BUSINESS TAX STRATEGIES FROM OUR NOOSA TAX AGENTS. The end of financial year is fast approaching therefore it is now time to not only look at what has been achieved throughout the year, but also see whether any fine-tuning can (or should) be made before 30 June. Prepayment of Interest or other tax […]
Can you claim travel to your investment property as a tax deduction?
25
May
TRAVEL EXPENSES AND PROPERTY INVESTMENT TAX DEDUCTIONS. From 1 July 2017, property owners cannot deduct an outgoing for travel related expenditure to the extent that it relates to residential property/premises. Therefore airfares, accommodation and motor vehicle expenses incurred to travel to a residential rental property for inspection and/or maintenance purposes will no longer be tax […]
Results of the 2018-2019 Australian Federal Budget
11
May
INFORMATION ABOUT THE 2018/2019 FEDERAL BUDGET. The Federal Government handed down the 2018-2019 Budget on 8 May 2018. It is important to remember that these announcements are only proposals at this stage. Each proposal will need to pass through both the House of Representatives and the Senate before they become law. This process may take […]
$20,000 instant asset write-off for small business
18
Jan
SMALL BUSINESS ACCOUNTING SERVICES NOOSA. The $20,000 instant asset write-off for small businesses has been extended to 30 June 2018! The ATO small business newsroom released an article on 2 January 2018 stating the below: If you buy an asset and it costs less than $20,000, you can immediately deduct the business portion in your […]
Recovery of HELP debts from non-residents living overseas
10
Nov
THE AUSTRALIAN HIGHER EDUCATION LOAN PROGRAM (HELP). 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 […]
Small business accounting : Simpler BAS from 1 July 2017
04
Jul
SMALL BUSINESS ACCOUNTANTS & BAS PREPARATION NOOSA. 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. What small businesses […]
2016 Federal Budget update
04
May
The Federal Government handed down the 2016-2017 Budget on 3 May 2016. It is important to remember that these announcements are only proposals at this stage. Each proposal will need to pass through both the House of Representatives and the Senate before they become law. This process may take weeks or even months, and some […]
The Reserve Bank of Australia has again decided to leave the official cash rate at 2.00%.
03
Feb
The Reserve Bank of Australia has again decided to leave the official cash rate at 2.00%. This approach was predicted by many commentators as the Reserve Bank assesses the impact of the lower Australian dollar, falling fuel prices, a volatile share market and a slowing housing market. The lower Australian dollar and resultant increase in […]
