by Dinesh Aggarwal | Jul 9, 2018 | Blog
Tax Time Tips: Small Business Tips for the closed financial year
Now that we’re into a new financial year, you’re probably still cleaning your books to meet with your Accountant and talk about your tax liability for last year.
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by Dinesh Aggarwal | May 9, 2018 | Blog
- Personal income tax cuts for low to middle income earners. From July this year, the 32.5% tax bracket will be lifted to $90,000 from $87,000.
- A new tax offset of $530 a year, paid as a lump sum. Those earning between $48,000 and $90,000 will get the full benefit of the offset.
- The Tax system has been simplified so that 94% of taxpayers pay no more than 32.5 cents in the dollar in 2024–25.
- The budget is forecast to return to a modest surplus of $2.2 billion, in 2019-20.
- A ban has been set on exit fees on superannuation accounts when changing funds.
- Instant asset write-offs have been extended (to June 30, 2019) for businesses with a turnover of $10 million or less for purchases up to $20,000.
For a more detailed budget overview click here
by Dinesh Aggarwal | Feb 12, 2018 | Blog
SMALL BUSINESSES AND COMPANIES
- From 1 July 2017, the concessional corporate tax rate of 27.5% will only be available for ‘‘base rate entities’’, being entities with no more than 80% of its income being ‘‘base rate entity passive income’’
- The ATO will be allowed to disclose to Credit Reporting Bureaus the tax debt information of businesses that have not effectively engaged with the ATO to manage these debts from 1 July 2017
- Simplified BAS reporting applies to small business entities from 1 July 2017.
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by Dinesh Aggarwal | Feb 5, 2018 | Blog
The ATO has issued a public alert warning of a potential email scam affecting clients, following an increase in fraud activity in recent months.
The ATO is warning of an email scam, which features the tax office’s letterhead and an email address similar to those used in official ATO correspondence. In an example email provided by the ATO, scammers are asking people to complete an online ‘tax form’ through a link that contains malware.
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by Dinesh Aggarwal | Oct 24, 2017 | Blog
There are a large number of legal reasons why people in small business do not get paid. Not all of them apply to all businesses, however some of them will apply to just about every business.
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