I provide Bookkeeping, Taxation, Business setups, Tax structures, Tax Planning, BAS preparation and Payroll services to small to medium business.
Operating as usual
Instant write off
Small businesses: You can immediately deduct the business portion of assets costing under 20K each in this year’s tax return. Just buy and install them by 30 June.
To learn more and find out if you can benefit, visit ato.gov.au/SBdepreciation
content shown is only for general intent, please seek professional advice for financial and accounting matters.
smartcompany.com.au Business news, business advice and information for Australian SMEs
ATO focus on property developers and trusts
In recent years the ATO has focused on trusts developing and selling properties as part of their normal business. When these developed properties are sold, some trusts incorrectly claim a 50% capital gains tax discount.
As part of the Trusts Taskforce the ATO has escalated 75% of the cases reviewed for audit and have received voluntary disclosures. They continue to target arrangements that display the following characteristics:
clients have experience in either developing or selling property (or experience in the industry) and establish a new trust to acquire property for development and sale
circumstances surrounding the arrangement are inconsistent with the stated purpose of developing the property as a long term investment
the development is advertised as available to purchase before completion or is sold soon after completion
the trustee claims the 50% capital gains tax discount on the sale of the property.
The ATO is encouraging advisers to check their clients' trust arrangements and make a voluntary disclosure if required.
The Fair Work Commission today announced their decision for the 2015-16 Annual Wage review:
the national minimum wage will increase by 2.4% to $672.70 per week, with the minimum hourly rate rising to $17.70 per hour
rates in Modern Awards will also increase modern award minimum wages by 2.4 per cent. (with weekly wages will be rounded to the nearest 10 cents.)
The increase is slightly lower than for 2014-15 which saw a rate increase in the minimum wage of 2.5%.
Key initiatives include in the recent budget
Company tax rate reduced to 25% over 10 years
Increase in tax discount for unincorporated small business to 16% over 10 years
Small business entity threshold increase to $10m from 1 July 2016
$1k GST exemption on imported goods abolished from 1 July 2017
UK style diverted profits tax to reign in multinationals
$500,000 lifetime non-concessional contributions cap from Budget night
Reduction in concessional contribution cap from 1 July 2017
Tax exemption on earnings supporting transition to retirement income streams (TRIS) removed from 1 July 2017
30% tax on super contributions of high income earners extended
Tax free super balances capped at $1.6m from 1 July 2017
32.5% personal income tax threshold increase to $87,000 from 1 July 2016
Subsidies to create employment path for unemployment youth
678.9m ATO anti-avoidance taskforce
To***co excise adds $4.7bn
ato.gov.au Your worker could have an ABN for a number of legitimate reasons, but this makes no difference to whether you should treat them as an employee or contractor.
We make Bookkeeping easy, free up your time for more important things, contact us www.ezyaccounts.com or pm me
proudly announcing that I am also EzyAccounts representative in Illawarra. Follow the link below and contact us if you need a bookkeeper, business advisor or tax consultant
new email address is
Registration and licences
beta.business.gov.au There are a number of registration, licences and permits you may need to register for when starting or growing your business.
www.accounts4tutorials.com Fixed Asset Chart as per Old Companies Act for the year ended 31st March, 2015; individual assets from Part C of Schedule II to Companies Act, 2013; Transitional Provisions under Schedule II;
Who said accountants aren’t funny! Merry Christmas from the Knowledge Shop team. We challenged accountants to give us their best Christmas Cracker joke for a...
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DH Accountants - Bookkeeping/Tax/Corporate and Accounting
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