Increased Instant Asset Write-off

The instant asset write-off (tax deduction) threshold has increased to $30,000, and has been extended to 30 June 2020. Your business can claim an immediate tax deduction of up to $30,000 for the business portion cost of each asset (new or 2nd hand), which is purchased and first used or installed ready for use from 7.30pm…

1 July Wage Increase

The Fair Work Commission has announced a 3.5% increase to minimum wages wef 1 Jul 2018. The changes apply to employees whose pay rates are determined by the national minimum wage, a modern award or a registered agreement . All your employee wages will thus be increased, and minimum wages rates applied.  If you are…

Single Touch Payroll

Single Touch Payroll (STP) is a reporting change for employers, by the ATO. It starts from 1 July 2018 for employers with 20 or more employees.  Single Touch Payroll will be expanded to include employers with 19 or less employees from 1 July 2019, but employers can opt in (register thru Xero/MYOB) before this date once fully implemented. You will report payments such as salaries…

Tax office warning: three dodgy SMSF schemes to avoid

by Mark Chapman of Money Magazine, February 28, 2018, 8:30 am The tax office keeps a close eye on artificial tax schemes. It has highlighted a trio of arrangements aimed at those who are nearing retirement and have a self-managed super fund. They should avoid the following: • Artificial arrangements involving SMSFs and property development ventures, involving the…