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May 2015 Practice Update

May – 2015 Practice Update covers following points
  • Employers and SMSFs must prepare for SuperStream
  • Government ends benefits for parents who do not vaccinate
  • 2014 online selling data matching program
  • IGT to take on tax complaint handling function from 1 May
  • FBT: Record keeping exemption threshold
  • FBT: Benchmark interest rate
  • FBT: Cents per kilometre basis
  • Teacher denied deduction for business management course
Click here for – May 2015 Practice Update...

TIME TO BUY NEW ASSETS!

As part of the 2015-16 Federal Budget, the Treasurer, Joe Hockey has announced that the government has expanded the accelerated depreciation for small businesses. This temporary new rule provides a benefit for small businesses with an annual turnover of less than $2 million. The immediate asset write off threshold which was previously only $1,000 will increase to $20,000 as of 7.30pm on the 12th of May 2015. Therefore, if you are a small business owner and were considering on purchasing an expensive new asset under $20,000, this temporary new rule will allow you to make a full tax claim of the whole amount in the 2015 or 2016 financial year rather than being depreciated over the assets effective life, which differs to the previous rules whereby only a portion of the cost of the asset can...

April 2015 Practice Update

April – 2015 Practice Update covers following points
  • ATO super crackdown – child care, building, cleaning, pubs
  • Inappropriate loans from super funds
  • What's wrong with this type of arrangement?
  • ATO's audit targets
  • Contractor payments data matching program
  • Eligibility for net medical expenses tax offset
  • Property developers – be careful what you wish for, from the outset
Click here for – April 2015 Practice Update...
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