Tag - Small business

Lifestyle assets continue to be an ATO audit target The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft.  The ATO expects to receive information about assets owned by around...

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Continued focus on the cash economy ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country, including up to 500 small businesses in Tasmania. He further said that businesses that advertise as ‘cash only’ and businesses that are operating...

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Changes to the small business instant asset write-off On 29 January 2019, the Prime Minister announced that legislation will be introduced to: extend the small business instant asset write-off by 12 months to 30 June 2020; and increase the write-off threshold from less than $20,000 to less than $25,000 (effective immediately). The current threshold of...

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Fast-tracking tax cuts for small and medium businesses The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income...

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Personal Income Tax Cuts passed! Parliament has passed the Government’s Personal Income Tax plan, meaning that the first stage of the proposed income tax cuts will start to take effect from 1 July 2018. According to the Prime Minister, taxes “will now be lower, fairer and simpler”. The Government’s plan has three steps: Step 1:...

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Big changes proposed to eligibility for the CGT SBCs The Treasurer has released draft legislation containing new “integrity improvements” to the CGT small business concessions (‘SBCs’) (i.e. including the 15-year exemption, the retirement exemption, the 50% active asset reduction and the small business roll-over). Due to the government’s “continued support for genuine small business taxpayers”, it...

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Further ‘affordable housing’ measures passed Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and also allowing older Australians to ‘downsize’ and then contribute the proceeds of the sale of their family home into superannuation. From 1 July 2018, a...

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