Archive for category: News

Another Financial year has come and gone.

Have you found yourself needing to prepare your Tax Return and financials and don’t know where to Start?

Well we can help you with our end of Financial year special.

Simply give us your receipts, invoices and bank statements and we will have your accounts in order ready to present to your accountant before the due lodgment dates.

In addition, we are offering three months free subscription to MYOB Accounting Software, we will set you your bookkeeping so that keeping your accounts are always up to date and guarantee they will no longer cause you any stress.

Feel free to call us for a no obligation free consultation.

On 24 May 2018, Minister for Revenue and Financial Services announcedExternal Link the commencement of a 12 month Superannuation Guarantee Amnesty (the Amnesty).

The Amnesty is a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without penalty.

Subject to the passage of legislation, the Amnesty will be available from 24 May 2018 to 23 May 2019.

Full details of the Amnesty can be found on the ATO website.

Remember super payments must be made in full by the 30/6/2018 to claim a tax deduction in the financial year you make them.

So, try to arrange for all super payments to be cleared through the super clearing house before 30/6/2018.

If you miss a payment or are late in paying your super liability by the 28/7/2018 you may have to pay the Super Guarantee charge and lodge a SG Charge Statement outlining the late payment.

The write-off threshold of $20,000 has been extended to 30 June 2018.

If you buy an asset and it costs less than $20,000, you can immediately deduct the business portion in your tax return. The $20,000 threshold applied from 12 May 2015 and will reduce to $1,000 from 1 July 2018.

You are eligible to use simplified depreciation rules and claim the immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:

  • you have a turnover less than $10 million (increased from $2 million on 1 July 2016), and
  • the asset was first used or installed ready for use in the income year you are claiming it in.

Assets that cost $20,000 or more can’t be immediately deducted. They will continue to be deducted over time using the general small business pool. You write-off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year.

The ATO is changing payroll reporting.