Posted in Tax

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. ...

The End of Year Christmas Party - do you know if FBT is applicable and how to account for it? You may need to allow for Fringe Benefit Tax (FBT) when throwing that end of year Christmas Party and not just treat the cost as a business expense. Points to consider to determine if FBT is applicable:     Who is attending the Christmas party (e.g. clients; employees; suppliers; employee's partners);     Where is the party being held (e.g. at your...