Superannuation Reform Announcement: $500,000 super cap axed

admin Federal Budget

The Australian Government yesterday announced updates to the superannuation changes announced in the 2016-17 Budget. The updates have been made by the government following consultation with the public in light of much commentary and concern by the electorate surrounding the impact of the original announcements. The updates announced yesterday include: Scrapping of the $500,000 lifetime non-concessional cap Reducing the existing …

Time Poor Business Owners & the realities of Tax Time

admin Tax

The latest Xero survey has revealed that over one in five Australian Small Business owners will be lodging their tax returns late and that of the 503 surveyed, 40% are unsure of the business deductions they are able to claim… Not a good thing, but none-the-less no big surprise here. In our experience Small Business owners are amongst some of …

Are you eligible for an immediate $20K tax deduction?

admin Tax

Small businesses can claim an immediate tax deduction of up to $20,000 on certain assets bought between 12 May 2015 and 1 July 2017 under new provisions in the latest Federal Budget. Under the new provisions small businesses can immediately write off most business assets under $20,000 using the Simplified Depreciation rules. To use the provisions though, businesses not already …

Our guide to Payroll Year End 2016/17

admin Blog, Book keeping, luminous enews, Payroll, Tax

  End of Payroll Year Compliance Deadlines Information we require from you A reminder of some of the changes taking place in the 2016/17 payroll year End of Payroll Year Compliance Deadlines With end of year approaching, as an employer there are a number of compliance deadlines that you need to meet.  These include: Issuing annual payment summaries to your …

Federal Budget

A Lucent View: Federal Budget 2016/17

admin Blog, Federal Budget, Tax

By now you would have seen and heard many of the outcomes of the 2016-17 budget. But how does this affect you as a small business owner? Below we outline some of the relevant key announcements and provide our own Lucent commentary. SMALL BUSINESS Change in definition of small business from turnover less than $2 million to turnover less than …

Easter Eggs

Happy Easter

admin Uncategorised

Hot cross buns, office egg hunt and copious amounts of chocolate eating was the order of the day at lucent this week. Wishing all our clients a very happy Easter. If you are lucky enough to enjoy a few days break, take the time to really relax. Step back and recharge your batteries. Be fresh and ready to finish the …

blog

Introducing new faces at lucent

admin Blog

lucent is growing! Not just into our new name and brand, but our client base too. With growth comes a need for extra resources and technical expertise, both of which we embrace. And it’s to that end that we are today delighted to introduce our newest star, Matthew (Matt) Wingrave. Matt has joined us to head up our tax and …