Changes to small business tax concessions
For unincorporated small businesses with turnover less than $5 million, the rate of the tax discount, also known as the small business income tax offset, will increase to 16 per cent by 2021–22. The small business entity turnover threshold was changed from $2 million...
Business travel expenses
You can claim deductions you incur when travelling for business or paying for employee travel, for example: airfares train fares bus fares taxi fares. However, there are special rules for claiming expenses incurred while travelling overnight on business. ...
Want to change your business name? You’ll need to register a new one
If you decide to re-brand your business or trade under a different name, you need to let ASIC know. For example Creative Hub Pty Ltd currently owns the business name 'Creative Considerations' but wants to change it to 'Creative Consulting' because they think it sounds...
Simpler depreciation for small business
Small business owners can choose to use the simplified depreciation rules if they have a small business with an aggregated turnover (the total normal income of the business and any associated businesses) of less than: $10 million from 1 July 2016 onwards $2 million...
Benefits of using a registered tax agent
According to the latest data released from the ATO 96% of Australian Small Businesses rely on a registered tax agent to help manage their tax and super affairs. The ATO works together with the tax professionals to assist those small businesses. Here are some of the...
Property depreciation changes
Most property investors know that there were changes to depreciation announced in the May 9 Federal Budget. The draft legislation was released recently and cleared up some confusion, but also contained some good news: The changes do NOT affect commercial property. ...
Small business incentives extended
Small business can take advantage of $20,000 immediate write-off In March 2017, as part of Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016, the definition of a small business was changed to include those enterprises with an aggregated turnover of less than $10...
ATO will pay close attention on work-related clothing and laundry expenses
The ATO has recently expressed concerns about the increase in claims by taxpayers for certain work related expenses, including clothing and laundry expenses, and has advised that it is an area where it will be "increasing attention, scrutiny and education". It has...
Foreign resident Capital Gains withholding payments – impacts on foreign and Australian residents
On 9 May 2017, the Government announced changes to the foreign resident capital gains withholding (FRCGW) rate and threshold. The changes will apply to contracts entered into on or after 1 July 2017: for real property disposals where the contract price is $750,000 and...
Cars and tax
From 1 July 2022 the following car threshold amounts apply: Income tax There's an upper limit on the cost the taxpayers use to work out the depreciation for the business use of car or station wagon, including four-wheel drives. They need to use the car limit that...
