Topics covered in this edition of our Client Information Bulletin are: It’s Tax Time again! Tax changes for 2019 Expanding accelerated depreciation Increasing access to company losses: ‘Similar business test’ Single Touch Payroll International Tax Changes 5 tax tips for small businesses What are ATO’s focus areas? Key Tax Dates Tax changes for 2019 –
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From 1 October 2019, if an SMSF is more than two weeks overdue complying with any annual income tax return lodgement due date and hasn’t requested a lodgement deferral, the Australian Taxation Office (ATO) will change the status of the fund on Super Fund Lookup (SFLU) to ‘Regulation details removed’. https://www.ato.gov.au/Super/Sup/Your-fund-status-will-change-if-SMSF-annual-returns-are-late/ How will this change
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Topics covered in this edition of our Client Information Bulletin are: Coalition’s tax policies: How do these impact on businesses? Tax breaks available to both small and medium businesses for the 2019 tax return Small businesses with a turnover of less than $10 million What other measures are available to small businesses? Medium businesses with a
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The Federal Budget for 2019/20 was handed down by the Treasurer, Mr Josh Frydenberg, at 7.30 pm (AEST) on 2 April 2019. Download link to detailed Blaze Acumen Federal Budget Tax Bulletin 2019-20 Highlights The key tax and superannuation highlights from the Budget are summarised below. A detailed summary can be found at the link
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Topics covered in this edition of our Client Information Bulletin are: What the ATO is seeing in the small business market. Motor vehicle expenses – how to get them right. Disqualifying directors of phoenix companies. Don’t forget about the small business income tax offset. Instant asset write-off for small businesses extended and increased. Taxable payments reporting
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The Government has announced it will reduce the reporting burden for small and medium businesses operating via a company structure by raising financial reporting thresholds which have not been adjusted since 2007. Large proprietary companies are required to prepare, have audited and lodge a financial report, a Director’s report and an Auditor’s report with ASIC
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Topics covered in this edition of our Client Information Bulletin are: Loans from Private Companies Division 7A rules. Proposed changes to Division 7A. Is your business car available for private use? Do you import goods and services? 4 ways to avoid simple mistakes with GST reporting. Do you hold vacant land? Your expenses may no longer be
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Reduced corporate income tax rate As you may be aware, the income tax rate for companies under specific turnover thresholds has been reduced to 27.5% with further reductions scheduled to ultimately reduce the company income tax rate for these companies to 25%. Accessing the lower tax rate has the downside of also reducing the franking
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The ATO has just released a Taxpayer Alert regarding the latest scam techniques used to defraud taxpayers. Recently, the scammers have begun to impersonate Tax Agents in attempt to build legitimacy to their phone calls. The scammers will coerce the victim into releasing the Tax Agent’s name and then initiate a three-way phone conversation between
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5 tax time changes that may affect you Common lodgement mistakes and how to avoid them Claiming deductions? Top 10 myths busted Lodgement deadline Rental property deductions – the do’s and don’ts! What’s new for small business? What business income do I need to declare? What concessions can small business tap into this tax time?
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