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Access to more resources and tools than most websites.
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Tax Return Mistakes
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SMSF advice appetite strong, says ASIC
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Taxpayers confused by Scott Morrison’s $1,080 tax refund
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Common STP set-up mistakes - ATO
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Proposal to hold directors liable for GST set to pierce corporate veil
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September 2019 - vital statistics for Australia
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Tax Commissioner wants to turn black economy to ‘lighter shade of grey’
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Changes to the Private Health Insurance Statement
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Up to 9 in 10 ‘other’ expenses adjusted as ATO reveals dodgy claims
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Downsizer Super Contribution
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Tax payers to receive beefed up tax returns.
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10 top global corporations since 1998
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Catch-up Contributions
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Life Insurance
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Community tip-offs trigger ATO visits
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Australia at a glance
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2019: Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
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Small business clients need to be ready for STP by 30 September
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Big four firm outlines new financial year checklist for SMSFs
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Alert - Online Share Accommodation
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ATO flashes warning over $7.2bn car expenses claims
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Vital statistics for our great nation.
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3 out of 4 tax dob-ins are about business
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Tax on compensation received for inappropriate advice
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‘Extra care’ crucial in avoiding ATO spotlight this tax time
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ATO clears up FAQs about Single Touch Payroll
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GST reporting: common errors and how to correct them
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LRBAs, guarantees in need of review after property market falls
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Victorian Property Valuation Cycle
Article archive
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Quarter 2 April - June 2019
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Quarter 1 January - March 2019
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Quarter 4 October - December 2018
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Quarter 3 July - September 2018
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Quarter 2 April - June 2018
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Quarter 1 January - March 2018
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Quarter 4 October - December 2017
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Quarter 3 July - September 2017
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Quarter 2 April - June 2017
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Quarter 1 January - March 2017
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 2 April - June 2016
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Quarter 2 of, 2016 archive
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Reminder – Salary and Wages PAYG Shortfall
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$20,000 Asset Write Off Reminder
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Danger for buyers of Australian property of $2 million plus
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Budget 2016-17
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FBT Time
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Fringe Benefits Tax – Company Holiday Home
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Fringe Benefits Tax – Nil
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Estate Planning - early inheritance
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ATO issues SMSF tax warning
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ATO seeks to dispel LRBA panic
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Financial tools your family and friends can use.
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$20,000 Asset Write Off Reminder
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Tax office issues warning on imminent rule change
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Age Pension means-test prevents rational decision-making
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Locking Up Bank Accounts
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ATO figures show property investors missing out on tax breaks
$20,000 Asset Write Off Reminder

 

This 2015/16 Federal Budget incentive, was a short-term measure to allow small businesses an immediate write off for depreciating assets acquired, which costs less than $20,000.

       

 

This measure is still relevant for full 2016 year, but ceases on 1 July 2017.

A prerequisite is a small business entity, which requires firstly a business and secondly annual aggregated turnover of less than $2 million (turnover of entities connected with or affiliates).

The legislation was relatively simple to implement, because the existing threshold for similar deductions had been $1,000, but for acquisitions after budget night and for the next two years, the threshold was lifted to $20,000.

The item does not need to be new.  It does have to be a depreciating asset, which implies it has a limited affective life.

The asset must be used or installed ready for use.

The deduction is limited to the “taxable purpose portion” which means if the asset is used 40% for business purposes and the asset has a cost of less than $20,000, then 40% of the “depreciation” is claimable.

 

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