To ensure the Coronavirus has minimal effect on the Australian economy, the Government has announced a $17.6 billion stimulus package to help support business investment and keep Australians in jobs.
Leading up to the end of the financial year, now is the ideal time to implement as many tax saving strategies as you possibly can. By planning ahead, your business can avoid any nasty surprises, plus if you do have any additional tax to pay, you will have plenty of time to start preparing for the cash flow impact this.
By now you have probably read many of the outcomes of the 2018-19 Federal Budget. However, you may still be wondering how exactly these outcomes are going to affect you as a small business owner? Below, we summarise some of the relevant key announcements and provide our own ‘lucent insight’ into what it all means for your business. Personal Income
If your work Christmas party is offsite but not a minor benefit (that is greater than $300 per person) there is a risk that there may be FBT payable on the benefit provided to employees or their associates. Where FBT is payable, the party expenses are tax deductible and GST credit is claimable. There won’t be any FBT for clients
To help you get things right, the ATO has listed these behaviours, characteristics and tax issues as the ‘red flags’ attracting their attention. tax or economic performance is not comparable to similar businesses low transparency of your tax affairs large, one-off or unusual transactions, including transfer or shifting of wealth a history of aggressive tax planning tax outcomes inconsistent with the
Key Items Job Creation Grant Scheme (source page 13 of 2016-17 Budget Measures Statement ) Grants will be made available for every new employee hired and maintained for two years by eligible businesses with total payrolls of $5 million or less. Businesses that increase their number of South Australian employees will be eligible to receive a grant for each additional.
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
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.
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.