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2017-18 Tax rates and thresholds guide


2018 Federal Budget Update

The Budget announcements contain tax relief for individuals.  Health and Aged Care are a key focus in this year's budget.  The $20,000 instant asset write-off has been extended until 30 June 2019.

May 2018

  • Franchise businesses and tax.
  • Interest deductability after income-producing activity ceases.
  • Superannuation contributions 'work test' for over 65s.
  • 2-minute quiz:  Business deductions.
  • Look before you leap with testamentary trusts.

 

April 2018

  • Bitcoin: Its place in your wallet or SMSF Portfolio.
  • SMSF communication requests:  how to get the green light from the ATO.
  • Duties and taxes when you buy online from overseas.
  • Dealing with tax and renting via Airbnb.

 

March 2018

  • Beware of who you share benefits with.
  • Is your business prepared for Single Touch Payroll?
  • Starting out in business?  You may be able to use simpler trading stock rules.
  • Valuations and your Self Managed Superannuation Fund.
  • Investing:  Growth vs Income.

February 2018

  • Key factors for rescuing a bad debt deduction.
  • Rental property owners lose some deductions.
  • When refinancing, loan interest can be deductible to a partnership.
  • Can an SMSF invest in property development?
  • ATO spells out its big FBT concerns.

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.

 

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