Taxation
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4 Tax Tips for Australian Small Businesses
Posted in TaxationIt’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 in TaxationIf 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 in Business Planning, TaxationA 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 in Business Planning, TaxationEmployers 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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$20,000 Instant Asset Write-Off
Posted in TaxationWith the government recently extending the $20,000 instant asset write-off to 30 June 2019, eligible small businesses now have just over 5 months to work out whether it’s beneficial to bring forward asset purchases in order to take advantage of the immediate deduction on offer. Small businesses with a turnover of less than $10 million are eligible, so long as the asset is first used or installed ready for use by the 30 June...
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