Federal Budget 2018/19: What It Means for Small Business Owners

Anita van Wyk Federal Budget, Tax

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 …

xmas gift tax

Tax on xmas gifts

Anita van Wyk Tax

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 …

ATO listed these behaviours, characteristics and tax issues as the ‘red flags’ attracting their attention

admin Tax

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 …

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 …