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Last Minute Things You Can Do To Minimize Your Tax
Posted inBusiness Planning, Taxation
Whether you’re a medical or dental practice, an engineering or building company or simply a salary/wage earner, the end of the tax year is fast approaching and there are some simple things you can do to hand over less money to the tax man post 30th June. The following is not an exhaustive list but just some of the things you should be thinking of: The now $30,000 instant asset write off for business...
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4 Tax Tips for Australian Small Businesses
Posted inTaxation
It’s getting to that time of year again – the phone is ringing more, paperwork is piling up fast and all you can think about is stocktake sales. That’s right, it’s almost the end of the financial year. For small and medium businesses in Australia this means stress, paperwork and trying to understand what tax rules apply for you. (Don’t worry, everyone else is Googling what deductions they can claim too!) So we’ve put...
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Potential Changes To Negative Gearing And CGT
Posted inTaxation
If Labor move into government in the forthcoming election, they have signaled their desire to limit negative gearing to new housing and reduce the CGT discount from a potential 50% to 25%. The date of commencement of these changes will be from 1 January 2020. Shadow Treasurer Chris Bowen signaled that all investments made prior to 1 January 2020 will be grandfathered from the new rules, as will the halving of the CGT discount...
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Labor Pushing For Trust Tax Reform
Posted inBusiness Planning, Taxation
A while ago Bill Shorten proposed the implementation of a 30% tax on distributions from discretionary trusts to beneficiaries who are over 18 years of age. RMIT University recently released a report which seemed to show that tax avoidance was a big issue with trusts. Shadow Treasurer Chris Bowen jumped on this to imply that tax loopholes, of which splitting income with trust beneficiaries was one, were costing the budget “billions of dollars.” It...
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Single Touch Payroll
Posted inBusiness Planning, Taxation
Employers with 20 or more employees gradually started using Single Touch Payroll (STP) from 1 July 2018, however if passed by Parliament employers with less than 20 staff will be require reporting through STP from 1 July 2019. Single Touch Payroll is a way of sending tax and super information directly to the ATO every time an employee is paid. Eventually the idea is that businesses will no longer need to provide employees with...
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