Budget News for Small Business

The Federal Budget, which was announced on 2 April, is good news for Australian SMEs, proposing an increase in the instant asset write-off threshold to $30,000, lower tax rates, and a more streamlined tax dispute service for small business The new budget would mean that the instant asset write-off threshold would increase from the original $20,000 to $25,000 first announced in January, and again to $30,000 announced with this Budget.…  Read more

Tips for choosing a small business bank

Finding the right bank to serve your small business needs can be a daunting task. With so many competing financial institutions to choose from, business owners simply don’t have the time for the in-depth research required to carefully weigh all the options. This guide to choosing a small business bank will help you narrow down your choices so you find the best fit for you. Small, medium, or large? You…  Read more

Conference Tips for Small Business Owners

For small business owners, business conferences can be both a blessing and a curse. They give you the opportunity to develop new skills and learn strategies that you can use in your business, and they also provide you with the chance to meet new people and expand your business network. Unfortunately, they also pull you away from your business and they cost money, so it’s important that you get the…  Read more

What to do if you get audited

No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If…  Read more

$20,000 Instant Asset Write-Off EXTENDED!

If you are a small business, with an annual turnover of under $10 million you can immediately write-off eligible assets that cost less than $20,000 per item, which are first used or installed ready for use by 30 June 2019. The asset can be new or second hand. From 1 July 2019, the immediate deductibility threshold will  revert back to $1,000. Please contact our office to discuss GST registration implications.…  Read more

2016 Income Tax Return Lodgement Due Date

Have you lodged your 2016 income tax return yet?  Due date for lodgement of 2016 income tax returns is 15 May 2017, however the Australian Taxation Office may allow lodgement past this due date if you meet the following requirements. To be eligible: The entity can only be an individual, partnership or trust; All previous income tax return obligations must be up to date; and Have no outstanding liabilities with…  Read more

SuperStream – Are You Ready

SuperStream is the new way of making super contributions. Under SuperStream, employers must send super contributions electronically in a standard format, with linked data and payments. This system becomes mandatory for small employers (those with 19 or fewer employees) on 30 June 2016. Businesses with 20 or more employees should already be using SuperStream. So how do you make the change and ensure your system is running smoothly before the…  Read more

Concessional Contributions Cap Reduction Coming in 2017

From 1 July 2017, the government will lower the annual cap on concessional superannuation contributions to $25,000. Until this time, the existing concessional contributions caps, being $30,000 for those aged under age 50 years, and $35,000 for those aged 50 years and over, will apply.  Read more

Record Retention

Did you know that you are required to keep your records for a minimum of 5 years, from the date your income tax return is lodged. For business entities under constitutional law it is 7 years.    Read more

Year End Update – Individual Tax Returns

Year End Tax Update   Here are a few tips and tricks to assist you prepare your 2014 individual tax returns   Handisoft App Good news for anyone who hates paper – we now have an app that you can put on your phone to keep track of any paperwork for deductions you wish to claim. Simply go to your app store and search handisoft. The rest is pretty straight…  Read more

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