Key Dates October 2016 Another busy tax reporting month with some Key Dates October 2016 on the way. Make sure your calendar has all the key dates highlighted. Date Obligation 21 October Pay annual PAYG instalment notice (Form N). Lodgment is only required if you vary the instalment amount or use the rate method to calculate […]
Tax Cuts In the May Budget the government announced tax cuts changes to individual tax rates for the 2016-17 income year. Legislation dealing with those announced rates was introduced to Parliament on 31 August 2016. As a result a number of tax tables have been updated to apply from 1 October 2016. Those tax tables that have […]
Deceased estate: Things you need to know Dealing with a deceased estate is something most of us will have to deal with at some stage. There are different laws for each state so always seek legal or independent advice if acting as an Executor What the estate comprises The property and assets belonging to a […]
Ecommerce business Have you ever considered running an Ecommerce business? Consumers can now purchase almost anything online whenever they like. With the growing demand for online purchasing, more and more businesses are making the move online. It was only a decade ago that most retailers snubbed internet shopping as a short term faze and shoppers […]
Top 10 tips for family businesses If you are considering starting or running a family business, here are some top 10 tips for family businesses. Our office represents clients in a vast array of industries and many of them are family owned. Family businesses come in all different shapes and sizes and account for 70% […]
Key dates August 2016 Key dates August – It is the reporting season and there are a few key dates that any business owner or manager should be aware off. 11 Aug Activity statements Quarter 4 (April – June) activity statements lodged electronically – final date for lodgment and payment. Refer to Lodge your activity statements […]
Gifts and donations You can only claim a tax deduction for gifts and donations to organisations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four conditions: The […]
Superannuation Contribution Concessional Cap Limits Superannuation contribution cap limits 2015-2016 need to be considered with the financial year finishing next week. There are two types of super contributions: concessional (before-tax) contributions non-concessional (after-tax) contributions. Types of concessional (before-tax) contributions include: employer contributions, such as compulsory employer contributions paid by your employer any additional pre-tax super […]
SuperStream deadline is rapidly approaching With the June 30 deadline rapidly approaching, the Australian Taxation Office is encouraging small businesses to make becoming SuperStream ready a priority. SuperStream – the standardisation of how employers make super contributions on behalf of their employees – involves employers sending all super payments and employee information electronically in a […]
Are you eligible for the $20,000 instant tax write off? It should be made very clear that the instant tax write off of any assets purchased prior to 30th June 2016 costing less than $20,000 each is NOT a cash refund. You may be eligible to claim the amount of the asset in full as […]