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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.

September 2018

  • Substantially self employed or not?  You could claim a deduction for saving for your retirement.
  • Shares and tax:  A stockmarket investment primer.
  • Have you had a change in creditable purpose for GST reporting purposes?
  • Will new LRBA rules stymie your SMSF contribution plans?
  • Apportioning GST annually for business and private purchases.

August 2019

  • Claiming self-education expenses
  • Changing a will after death? A deed of family arrangement can make it possible.
  • How to deal with SMSF trustee disputes.
  • Your claim for a business tax loss can be denied.
  • Let a GST credit slip through the cracks?  All is not lost!
  • A tax boost for low and middle income earners.

July 2018

  • Retired and asset rich but cash poor?  The pension loans scheme may help.
  • 2 minute quiz: Partnerships - How well do you understand the taxation of partnerships?
  • Plan ahead:  Tip to better prepare for tax time 2019.
  • Tips for your tax return.
  • Are you Division 7A compliant?
  • Tax deduction for insurance premiums?

June 2018

  • Managing tax disputes can be like wrestling with a superhero.
  • Unpacking statute-barred debts.
  • The proportioning rule and your SMSF - It's all about balance.
  • Builders:  Get your taxable payments report ready before August 28.

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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