News: Viewing Business Accountants Articles

Instant Asset write-off of $150,000 has been extended to 31 December 2020 The instant asset write-off threshold of $150,000 for businesses with an aggregated turnover of less than $500 million will now be extended to 31 December 2020. Without the extension, the instant asset write-off threshold of $150,000 would have reverted to the $1,000 threshold and eligible only to small businesses with a turnover of less than $10 million after 30 June.

Single Touch Payroll (STP) reporting is currently available through payroll, accounting and business management software. Most software providers are offering STP-enabled products. Some providers have asked us for a later start date (a deferral) for their employer clients to report through STP. If you're not sure whether your software has a deferral, check with your provider.

The Government will introduce the Low and Middle Income Tax Offset, a non-refundable tax offset of up to $530 per annum to Australian resident low and middle income taxpayers.

The offset will be available for the 2019, 2020, 2021 and 2022 income years and will be received as a lump sum on assessment after an individual lodges their tax return.

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With tax time coming up, it is always difficult to know what you can and cannot claim.

If you are in the construction Industry, you may be able to claim items such as sun care, meals and tools.

The ATO have provided a general guideline of items you can claim to make getting organised for tax time easier.

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New CGT changes tipped to impact Aussie expats trigger property armageddon