The Treasurer has dropped some major superannuation proposals that he outlined earlier in this year’s budget, including the $500,000 lifetime concessional cap on contributions. This change has pleased many critics and brings the Coalition’s superannuation policy into line with much of the Labor party’s proposed policy for superannuation. There is now a new proposal on the table which is intended...
We have summarised the key points coming out of the May 2016 federal budget that we feel relate most to our client base. If you require any further clarification or have any questions please contact us. SMALL BUSINESS Increased turnover threshold for small business income tax concessions The small business turnover threshold will be increased from $2M to $10M from...
Key year end tax planning strategies as 30 June approaches With 30 June fast approaching, now is the time to consider your year end tax position. We have compiled the following list of items to assist in the year end tax planning process. Purchasing fixed assets Entities with turnover less than $2M are able to claim an immediate tax deduction...
Business Activity Statement (BAS) is a tax reporting requirement for all business. The BAS is used to report and pay Goods and Services Tax (GST), PAYG Instalments, PAYG Withholding tax and other tax obligations. How often must you lodge your BAS? The BAS is required to be lodged either monthly or quarterly. If you are a monthly lodger the due...
Luxury Car Tax (LCT) is a tax of 33% on any luxury car sold in Australia or imported into Australia greater than the LCT threshold. A car is considered to be a motor vehicle designed to carry less than 2 tonnes and 9 passengers, however, Limousines are included no matter how many passengers they carry. The threshold for the 2014/15...
It’s tax planning time! If you’re a small business owner you don’t want to have to pay more tax than you have to. The following tips will ensure you get the most bang for your buck come tax time. 1. Take advantage of the $20,000 immediate asset write off Unless you have had your head in the sand for the...
Well it’s that time of year again when we focus our attention on tax planning before 30th June. Tax Minimisation Strategies There are a number of tax minimisation strategies that are often forgotten or overlooked by small business taxpayers. These tax minimisation strategies also help you better understand your business. I will discuss six that I have found taxpayers could...
Tax deductible expenses Although we have just started a new tax year, it is still important to understand the value of your tax deductible expenses and the benefit of that spending on your disposable income. I think in general, we tend to view that if we spend a dollar on tax deductible expenses or assets, it will save us a...
“How can I pay less tax?” would have to be one of the most common questions I am asked by small business owners (SMEs), especially given the current economic climate. One great way to save on paying tax is to make sure your business is taking full advantage of the various tax write-offs available to you. Some methods don’t even...