Small business instant asset write-off increase to $25,000

Prime Minister Scott Morrison announced on 29 January 2019 that the Government will increase the instant asset write-off for small business from $20,000 to $25,000, and extend this to 30 June 2020 (it was due to revert to $1,000 on 1 July 2019). This would be...

It’s time to prepare for Single Touch Payroll

From 1 July 2018, businesses with 20 or more employees will need to use Single Touch Payroll-enabled software to report the tax and super information to the ATO. They may not need to provide payment summaries to their employees at the end of financial year when they...

Tax invoices and record keeping for GST credits

Claiming GST credits can seem confusing, but there are a couple of simple things that can help you avoid some common mistakes. 1. Make sure you hold valid tax invoices for purchases above $82.50 (including GST) For a tax invoice to be valid it needs to include the:...

Should you be GST registered if dealing in property?

If the total income from your property development activities is more than $75,000 per year and those activities are regarded as an ‘enterprise’, you may need to register for GST. Your activities may be regarded as an enterprise if, for example, you buy...

Property depreciation changes

Most property investors know that there were changes to depreciation announced in the May 9 Federal Budget. The draft legislation was released recently and cleared up some confusion, but also contained some good news: The changes do NOT affect commercial property. ...

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