To keep a healthy bottom line, businesses need to be smarter and sharper every financial year. It’s a good time to discuss ATO tax deductions – especially those deductions often missed. 1. Prepay expenses With tax deductions, every little bit counts. Prepaying your expenses can attract a tax deduction that is commonly overlooked. You can…
Anyone with investment property in Australia is probably feeling a little edgy with all the recent media attention on deductions, affordable housing, and negative gearing. We take a look at some of the key tax issues for investors pre and post 30 June: No more deductions for travelling to and from your investment property The…
The $20,000 tax break for small and medium business has been popular, but it’s not guaranteed to survive the next Budget – so best get in now. In 2015 the federal government announced that it would put a $20,000 immediate tax deduction in place for depreciating assets for companies with a turnover up to of…
New non-concessional annual contribution cap rules The new non-concessional annual contribution cap rules broadly sees the current system of non-concessional contributions continuing however with lower caps provided your superannuation account balance is less than $1.6m as follows: Up to 30 June 2017: $180,000 (for individuals <65 – eligible for 3 year bring forward rule) From…
The concessional annual contribution caps have been reduced The new rules are as follows: Up to 30 June 2017 : <49 at 30/06/2016 = $30,000 and >49 at 30/06/2016 = $35,0000 From 1 July 2017: $25,000 for all individuals regardless of age Individuals with balances of $500,000 or less will be able to accrue any…