2017 Federal Budget Update
The Budget announcements contain tax and superannuation measures aimed at increasing housing stock and improving affordability.
- Travel allowances and the proper use of the exception to substantiate claims.
- Child death benefit recipients and the transfer balance cap.
- Tax deductions specifically for Self Managed Superannuation Funds.
- Deductions for finance on a rental property.
- Life policy bonuses and tax.
- ATO waves a red flag on deductions for holiday rentals.
- Streaming trust capital gains and franked distributions: an overview
- Be prepared. What can you bring to your tax return appointment.
- Deduction tip: Can you claim the cost of travelling to this office?
- End-Of-Year tax planning tips for Business.
- What is a tax loss, and how can it be turned to good use?
- The transitional Capital Gains Tax relief measure and your Self Managed Super Fund.
- Q: Who is assessable on Interest Income.
- The CGT implications of subdividing and building on the family property.
- Selling your business? Don't forget "going concern" GST exemption.
- Are personal carer travel costs claimable? It depends.....
- Business costs and deductibility of interest expenses.
- Company tax franking implications.
Instant Asset Write-Off
If you are a small business (with a turnover of less than $10 million) contemplating buying machinery or equipment, be aware that this is the final year of the $20 000 instant asset write-off.
Small businesses may wish to consider bringing forward any planned asset investments to the current financial year – particularly in this current low interest-rate environment.
OTHER IMPORTANT INFORMATION:
If you employ staff then you will probably have to change the way you make their super contributions from 1 July 2015. From July 2015, ALL Employers irrespective of size will have to apply the mandatory data standards for their staff super contributions. This might mean upgrading your payroll systems, outsourcing your payroll function, or using a commercial clearing house. To find exactly out what this means for you and what you have to do to comply with the new rules please read the following article: From July 2015 ALL EMPLOYERS MUST USE Mandatory data Standards for their Staff Super Contributions.
As always, please feel free to give us a call on (07) 54391600 to have a chat.