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How to take advantage of the Immediate Asset Write-off for Small Business Entities

For Small Business Entities (SBEs) who purchased equipment during the 2017 financial year and will do so in this 2018 financial year, here are a few tips to be aware of:
  • Am SBE can access the SBE depreciation concessions and claim an immediate write-off for assets which cost less than $20,000. To claim this, you need to satisfy the following:
  1. 1. You are a SBE if your aggregated turnover is less than $10 million.
  2. 2. The asset needs to be either ‘first used’ or ‘installed and ready for use’ for a taxable purpose by 30 June 2018.
  • The $20,000 threshold is applied on a GST-exclusive amount. (For example, if the asset is $21,000 inclusive of GST, the GST-exclusive amount will be $19,091, which is below...

2016/17 Tax Return Checklist

2016/17 Individual Tax Return Checklist
  • Depreciable plant, etc, costing $300 or less
  • Clothing expenses
  • Self education expenses
  • Other work-related expenses
2016/17 Year-end Checklist for Business
  • Maximising deductions for non-SBE taxpayers
  • Prepayment strategies – non-SBE
  • Accelerating expenditure – non-SBE
  • Accrued expenditure – non-SBE
  • Maximising deductions for SBE taxpayers
  • Accelerating expenditure – SBE
  • Prepayment strategies – SBE
Click here for – 2016/17 Tax Return Checklist...

July – 2017 Practice Update

July – 2017 Practice Update covers following points
  • Removal of the Temporary Budget Repair Levy from the 2017/18 income year
  • Extension of the $20,000 SBE Immediate Deduction Threshold
  • Simpler BAS is coming soon
  • Changes to the foreign resident withholding regime for sales of Australian real estate
  • Change to deductions for personal super contributions
Click here for: July – 2017 Practice Update...
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