As the financial year draws to a close, business owners can still take advantage of any benefits that could be available and ensure the business is in good shape for closing one financial year and entering another. Here are some specific matters to be considered in time for 30th June 2019.
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Entries by Geoff Morris
On 2 April 2019, the Treasurer of Australia, Josh Frydenberg, announced the 2019-2020 Federal Budget. Highlights include personal tax reductions for low- and middle-income earners, the extension of the instant assets write-off to more businesses, superannuation and social security measures to assist older Australians, and a strengthening of the ABN rules.
Effective from the 2017–18 income year, some companies are eligible for the lower corporate tax rate of 27.5% if certain conditions are met. Find out if your company qualifies for this reduced rate in the financial year 2017-2018 and more reductions in years to follow.
An important reminder for property investors is that trips to visit residential rental properties are no longer tax deductible. There are some exceptions but individuals and SMSFs with one or more rental properties are not considered to be in the business of letting rental properties for related travel expenses incurred from 1 July 2017.
The instant asset write-off scheme for small business has been extended and the threshold increased from $20,000 between 1 July 2018 and 28 January 2019; to $25,000 between 28 January 2019 and 2 April 2019; and up to $30,000 between 2 April 2019 and 30 June 2020. Are you one of the 47% of business […]
Single Touch Payroll (STP) reporting for employers with 19 or fewer employees will come into effect from 1st July 2019. Is your business ready? Single Touch Payroll (STP) reporting for employers with 20 or more employees (as deemed to be a ‘substantial employer’) came into effect on 1st July 2018 in accordance with new Australian […]
The 2018-2019 Federal Budget, handed down on 8 May 2018, focused on personal taxation, business taxation, superannuation, and measures to assist older Australians. Here, highlights are explained with tables to help calculate savings or changes to previous circumstances as the Budget 2018-2019 measures are brought into effect.
For many businesses, Xero doesn’t need an introduction. But if you’re not familiar with Xero, it’s cloud accounting software that allows access to your business finances anytime from anywhere via your internet-connected device. Xero lets you collaborate with your accountant, bookkeeper, and staff in real-time. Billings + Ellis is proud to be a Xero partner […]
Single Touch Payroll (STP) reporting affects employers with 20 or more employees (known as a substantial employer) and commences 1st July 2018 in accordance with new Australian government legislation. So, what is Single Touch Payroll? How do you prepare for STP? What changes do you have to make? The following should help you better understand […]
If you’re the owner of an income producing property, then you are eligible to claim tax deductions for a number of expenses involved in holding the property.
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