A bit confused about Bitcoin? What is it and what does tax have to do with it? Here, we share a few key facts and the tax consequences that may arise if you are thinking about investing (or have already invested) in Bitcoin. Note! Any reference to Bitcoin in this article refers to cryptocurrency, or [...]
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The small business write-off threshold of $20,000 has been extended to 30 June 2018 and is available to all small businesses with an aggregated turnover of less than $10 million. After 30 June this year, the threshold will reduce to $1,000. If you have upcoming business expenses, now might be a good time to do [...]
There are some key changes and new measures you need to be aware of when preparing your clients' tax returns this tax time. These include: Working holiday makers tax rate Norfolk Island tax Tax relief for New Zealand special visa holders Foreign resident capital gains withholding Reportable fringe benefits Business services wage assessment tool payments [...]
There are some key changes and new measures you need to be aware of when preparing your clients' tax returns this tax time. The ATO is paying attention to people who are over-claiming work-related expenses. To get your deductions right, you need to satisfy the following rules: you must have spent the money and were [...]
The end of the financial year is coming and it’s time to start thinking about your 2016 Income Tax Return. Now is a good time to start reviewing certain assets and liabilities owned by your business and consider if there is anything you should do prior to 30 June 2016 rolling around. Is there any [...]
As the current FBT year ends on 31 March 2016 and a new one begins on 1 April 2016, there are a number of upcoming changes to salary packaged meal and other entertainment benefits that employees need to be aware of, including: i) Changes for employees From 1 April 2016, there are changes to the [...]
The 2016-17 Federal Budget was handed down on 3 May 2016. The intention of this Budget is to set out an economic plan to ensure Australia successfully transitions from the mining boom to a stronger, more diversified economy. The economic plan, which involves changes to superannuation, a Ten Year Enterprise Tax Plan and further tax [...]
On 26 August 2015 the Tax Laws Amendment (Small Business Measures No 3) Act 2015 received Royal Assent. The Act makes amendments in the following areas: tax discount for unincorporated small businesses; immediate deductibility for small business start-up expenses; fringe benefits tax exemption for portable electronic devices for small businesses. A previous edition of TaxWise [...]
A range of measures for small businesses were included in the 2015-16 Federal Budget. These are listed below: Company tax rate cut - The tax rate for companies with an aggregated annual turnover of less than $2 million will be reduced by 1.5% to (ie from 30% to 28.5%) from the 2015-16 income year. Tax [...]
Income thresholds Legislation was passed in October 2014 to pause for three years the income thresholds which determine the tiers for the Medicare levy surcharge and government rebate on private health insurance from the 2015-16 financial year. Usually the income amounts would be increased by an indexed amount, but this is not going to happen [...]