Posted in Tax

HECS/HELP Minimum Repayment Threshold Increased I have just read in a recent article from the ATO Small Business Newsroom newsletter received Wednesday 28 August 2019 that the Minimum Repayment Threshold for HECS/HELP loans is increasing from 1 July 2019. The new Minimum Repayment Threshold is $45,881. Employers may need to increase the PAYG tax withholding for any employees that have HECS/HELP loans to ensure they meet the new minimum repayment threshold requirements....

Do you have a Website? It maybe time to get a Website or upgrade your existing Website.  Do you know what you can claim as a deductible business expense for your website costs? The expense of a Website falls into 2 categories (according to the ATO Taxation Ruling TR2016/3): 1.  Revenue expenses - generally can deduct the total amount in the year the expense is incurred, these include: licence or subscription fees; monthly hosting fees; socia...

2018 Federal Budget Want to know how it affects you?  Here are the highlights: Up to $530 tax savings (per peron) for low and middle income earners  $20,000 instant business asset write off has been extended to 30 June 2019 1 year exemption from work test for recent retirees (with less than $300,000 in superannuation savings) Superannuation fund exit fees have been banned Home care services and residential aged care funding has increased ...

HOW TO GET READY FOR TAX TIME Here are some tips to make tax time a smoother process: Get your evidence organised: Bank statements Tax deductible expense receipts Income Protection Insurance Credit card statements Rental income statements Investment property expenses (rates, water, agent fees; repairs) Dividend Statements Medical Insurance Categorise your evidence Sorting your statements and receipts etc. into categories c...

$20,000 instant asset write off extended to 30 June 2018 Assets purchased for business use can be immediately written off (if they cost less than $20,000 [per item]) up to 30 June 2018.  From 1 July 2018 the threshhold will reduce to $1,000. You are eligible to claim the immediate business expense deduction if: Your business turnover is less than $10 million; and The asset was first used or installed ready for use in the income year you are claiming it in. ...