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

 

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 to $25,000 for 2019-2020. Are you one of the 47% of business owners who don’t seem to know about this potential benefit?

Single Touch Payroll system of ATOOn 29 January 2019, the Prime Minister announced that the government would increase the $20,000 instant asset write-off threshold to $25,000 effective from 29 January 2019, and the scheme would be extended until 30 June 2020. Read more

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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2018 Federal Budget highlights

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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Homebuyer benefits

Benefits for homebuyers and seniors in 2017-2018 Budget

There are no changes to personal income tax rates and thresholds in the 2017-2018 Budget, and there will be relief from the 2% Budget deficit levy, as anticipated, from 30 June 2017. On the other hand, the Medicare levy will be increased to 2.5% from 1 July 2019. There were changes for people repaying HELP debts for higher education, and the unexpected token of a small, one-off payment to pensioners.

Perhaps the most significant initiatives contained in the Budget are the housing affordability measures, a comprehensive approach which includes assisting first home buyers to build a deposit inside superannuation and allowing older Australians to contribute downsizing proceeds into superannuation.

Here is an outline of changes in the 2017-2018 as relevant to individuals:

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Property investment advice Melbourne

Budget 2017 changes for SMSF and property investors

There were no major superannuation measures in the May 2017 Budget, with slated super reforms commencing 1 July 2017. However, there are now changes to depreciation and deductibility which many residential property investors, including SMSFs with residential property investment portfolios, will need to take into account. There is also encouragement for people over 65 to downsize their own homes to make a non-concessional super contribution from proceeds, the general idea being to help free up the stock of larger homes held by empty-nesters for more effective usage.

If you’re involved in property investment and superannuation decision-making and administration, here are the key points to consider:

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Changes small business 2017-2018

Some good news for small business in Federal Budget 2017

The Federal Budget announced on 9 May 2017 delivered no sweeping changes to the small business landscape, and increased compliance is something that most business owners have become used to. However, there was some good news for business owners wanting to continue investing in assets to improve business productivity, profitability, and capacity for innovation.

Here we explain Budget highlights as relevant to small business owners:

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Airport lounge club membership benefits

Are airport lounge club membership fees tax deductible?

Belonging to The Qantas Club or Virgin Australia Lounge can provide business travellers with somewhere comfortable and convenient to relax, revitalise, or work productively whilst remaining inside the airport terminal. Exclusive amenities like deluxe armchair seating, hot showers with complimentary towels and toiletries, ‘free’ food and beverages, WiFi, workstations, and priority passenger services don’t come too cheaply, however. Any airport lounge club membership will cost hundreds of dollars per year for each traveller.

Many frequent flyers regard membership of an airport lounge club as vital for relieving some of the stress and work-disruption associated with business travel, and at Billings and Ellis we’re often asked the question: “Are airport lounge club membership fees tax deductible?”

The good news is that airport lounge club memberships can be wholly deductible for businesses with travelling employees. Even sole traders and employees may claim a deduction for their own membership fees in whole or part, subject to general rules summarised below.
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