3 April 2019
With an election soon to be called, Treasurer Josh Frydenberg has announced the 2019-20 budget.
Most notably, personal income tax cuts and energy assistance payments are on offer for individuals, while small/medium businesses are set to benefit from an increase in the Instant Asset Write-Off Scheme.
Other measures that affect businesses include an increase in funding for Australian businesses to market their products overseas and a delay in proposed Division 7A changes.Read More
11 March 2019
From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts.
Employers with 20 or more employees have been required to use single touch payroll since 1 July 2018. The new rules push all businesses with employees into the single touch payroll system. This includes the situation where payments are made to the owners of the business in the form of salary, wages or directors fees.Read More
20 February 2019
There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election.
Individuals could be affected by:
- Losing franking credit refunds to their Self-Managed Super Funds and to themselves
- Paying higher capital gains tax
- Losing tax benefits from negative gearing into investment property
18 February 2019
Australian businesses who employ 19 or fewer employees will have until 1 July 2019 to get ready for mandatory Single Touch Payroll reporting.
The requirement is already in place for businesses who employ 20 or more staff, which became mandatory on 1 July 2018.Read More
30 January 2019
The small business asset write-off scheme is set to be extended for another 12 months, stretching the deadline to June 2020.
The Sydney Morning Herald reported that Prime Minister Scott Morrison announced the extension along with a $5000 increase on the total amount claimable, taking the threshold from $20,000 to $25,000.
The increase means businesses with an annual turnover of less than $10 million will now be able to claim a tax deduction for assets purchased up to the value of $25,000.
The legislation will be introduced to parliament in February with Mr Morrison calling it a “very high priority”.
For more information, contact the Shakespeare team 08 9321 2111 to discuss how the instant asset write-off scheme may apply to your individual business needs.
General disclaimer: Our firm provides the information on this website for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles on this website are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose
23 January 2019
The ATO is offering free workshops for small businesses in Perth.
The workshops will be running from now until June and cover topics such as Single Touch Payroll, Record Keeping, Employee Essentials and Tax Essentials.Read More