Archive for the Uncategorized Category

$20,000 Instant Asset Write-Off Extended to 30 June 2018

If your business has a turnover of less than $10 million it can write off assets costing less than $20,000 each (exclusive of GST). The entire cost of the asset must be less than the instant asset write-off threshold, irrespective of any trade-in amount. In working out […]

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Do You Need to Adjust your Super Salary Sacrifice Amount Due to the Lowering of the Concessional Contributions Cap?

From 1 July 2017 onwards the ATO is reducing the concessional contributions cap to $25,000 for everyone.  In prior years the cap was $35,000 for individuals aged 49 and over and $30,000 for those under age 49. Therefore, for the 2017/2018 financial year the maximum that anyone […]

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Air BnB – Be Aware of Tax Implications

Thinking of joining the sharing economy and renting out part or all of your home?  You may want to consider these points: You need to keep records of all income earned and associated expenses (e.g. commissions, council rates, interest on a loan for the property, gas, electricity, […]

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Budget change to reduce investment property deductions

From 1 July 2017 onwards depreciation on plant & equipment (e.g. dishwasher, air conditioner, etc) will be limited to outlays incurred by property investors. Investors who purchase plant & equipment for their residential property investment after 9 May 2017 will be able to claim a deduction over […]

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Simpler BAS from 1 July 2017

Goods and services tax (GST) reporting on the business activity statement (BAS) is getting easier for small business. With Simpler BAS, from 1 July 2017 small businesses will have less GST information to report on their BAS. The only GST information required will be: G1 Total sales 1A […]

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Medicare Levy to Increase to 2.5% (previously 2%) from 1 July 2019

From 1 July 2019 the Medicare Levy will increase to 2.5% (previously 2%). The increase is to ensure the National Disability Insurance Scheme (NDIS) will be fully funded. The Medicare levy low-income thresholds for singles, families, seniors and pensioners will increase from the 2016/2017 financial year. For […]

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NO DEDUCTION FOR RESIDENTIAL RENTAL PROPERTY TRAVEL EXPENSES FROM 1 JULY, 2017

From 1 July, 2017 onwards the ATO will no longer allow a deduction for travel expenses related to inspecting, maintaining or collecting rent for a residential property. The Government have implemented this change as an integrity measure to address concerns that a large number of taxpayers have […]

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Super Changes make 2017 a retirement watershed

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Welcome 2017

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The Sharing Economy

The ATO is cracking down on undeclared taxable income earned in the “sharing economy”. Sharing economy services that you may earning income through, such as Uber, Lyft, Airbnb, or just through your own methods, is likely not to be tax-free hobby income but rather income that would […]

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