On 9 June 2020, the government announced it will extend the $150,000 instant asset write-off until 31 December 2020. Please refer to the attached ATO guidelines and below. Under instant asset write-off eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is [...]
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Summary The economic impacts of the Coronavirus pose significant challenges for many businesses – many of which are struggling to retain their employees. Under the JobKeeper Payment, businesses significantly impacted by the Coronavirus outbreak will be able to access a subsidy from the Government to continue paying their employees. This assistance will help [...]
On 12 March 2020, the government announced a package of measures to help the economy withstand and recover from the economic impact of coronavirus. The following measures will be administered by the ATO. We are here to explain what measures would benefit you. 1. Cash flow assistance payments for SMEs Eligible small and medium-sized businesses [...]
There are many reasons why business people seek a valuation, including: Selling the business – to get an idea of a good price, you need to know what your business is worth. This is a leading motive for conducting a valuation. Even if you don't plan to sell yet, valuing your business early on can [...]
Foreign resident capital gains threshold from 1 July 2017 reduced from $2 million to $750,000.00. Property sold for $750,000.00 is now liable for CGT. From 1 July 2017 the FRCGW rate is expected to increase from 10% to 12.5%. If vendor cannot obtain a clearance from ATO, the purchaser must withhold 12.5% of the price [...]
The Daily Telegraph today reports that foreign person land tax surcharge is increasing to 2%. All family trusts that don't exclude foreign person as beneficiaries will be subject to this tax. Even if the trust is a potential beneficiary of the income from the land. Every family trust that has a direct or indirect interest [...]
The First Home Owner Grant Scheme and the First Home—New Home Scheme are administered by the NSW Office of State Revenue and assist eligible applicants to purchase their first home. Read more about first home benefits at www.osr.nsw.gov.au
Tax returns cover the financial year from 1 July to 30 June, and if you’re lodging your own they are due by the 31 October deadline. MyTax is the quick, easy, safe and secure way to lodge your tax return online. It's web-based, so you don't need to download anything. You can lodge on a [...]
Do you feel you’re paying too much in tax? Many businesses do and aren’t sure what to do about it. Legal tax minisation is a complex field best left to expert accountants in Sydney. One interesting option is through the use of trust, an organisational structure that offers many benefits including tax savings. Tax minisation [...]
Tax Planning Planning is at the heart of a successful tax strategy. Only by thinking ahead can you identify and then maximise deductions and other savings that can lower your tax bill. A tax accountant can help you with the timing of such matters as bad debts and write offs that can lower your tax [...]