News / Taxation News

TAXATION NEWS

Latest updates about taxation rules and news about taxation accounting from Billings + Ellis, the taxation accountants in Melbourne.

Billings + Ellis, Accountants South Melbourne

 

Getting prepared for EOFY 30 June 2019

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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Federal Budget April 2019

2019 Federal Budget highlights in review

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.

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Reduced tax rates 2017-2018

Does your company qualify for the reduced tax rate in 2017-2018?

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.

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Gold Coast investment property

‘Holiday over’ for investor trips to residential rental properties

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.

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small business instant asset write-off

Update on small business instant asset write-off for 2019-2020

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 owners who don’t seem to know about this potential benefit?
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Single Touch Payroll 2019

Small business owners – are you ready for Single Touch Payroll 2019?

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 government legislation. From 1st July 2019, this reporting requirement will also most probably come into effect for employers with 19 or fewer employees.

So, what is Single Touch Payroll? How do you prepare for STP? What changes do you need to make? The following simplified explanation could help you better understand Single Touch Payroll reporting and how to get ready for the transition.
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Federal budget highlights 2018

2018 Federal Budget highlights explained

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.
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Single Touch Payroll, Xero Gold Partner

Single Touch Payroll from 1 July 2018 – are you ready?

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 Single Touch Payroll reporting and how to get ready for the transition.
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Investment property - tax depreciation

Are you eligible to claim depreciation deductions?

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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Superannuation changes

Superannuation changes effective 1 July 2017

There are a number of changes to superannuation starting on 1 July 2017 that are summarised below however, the key question is to decide what has to be done before 1 July 2017.

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