There have been changes to the instant asset write-off. The instant asset write-off threshold has increased to $30,000 for each asset from 2 April 2019 and the instant asset write-off has been extended to 30 June 2020. The turnover test has also increased from $10m to $50m. If you are a small to medium business (with a
2018–19 income year From the 2018–19 income year, a company must be a base rate entity to be eligible for the lower 27.5% company tax rate. A company is a base rate entity if both of the following apply: When working out the rate to use when franking your dividends, you need to assume that
You can claim the small business income tax offset if you either: From the 2016–17 income year, the small business income tax offset: The tax offset is set to increase to 13% in 2020–21 and to 16% from the 2021–22 income year. For further information or advice, please contact Silver & Young Chartered Accountants on
The Australian Taxation Office’s ‘Small Business Assist’ tool provides answers to small business tax and super questions. It delivers tailored and accurate information sourced from a range of websites. It includes information such as: Registering for an Australian business number Understanding and registering for GST Employer obligations Lodging activity statements Small Business Assist features links
If you are planning to hire new workers, there are a few things to consider and organise in order to meet your tax and super obligations. One thing you must do is make sure your workers are legal – they must be Australian citizens, permanent residents or non-citizens with Australian visas that allow them to
Changes to the Privacy Amendment Act 2012 (Cwlth) commence on 12 March 2014. Find out how to update your privacy policy
Taking over an existing business, whether it is buying an established business or taking over the family business requires careful analysis and planning. When buying a business, some aspects to consider include: Why is the business being sold? What is the vendor’s history with the business? Are there any sales patterns or trends? What is
The Personal Property Securities Register (PPSR) is where details of security interests in personal property can be registered and searched. Transitional arrangements have been in place for the last two years. The transitional arrangements for the PPSR expired on 31 January 2014. Suppliers of personal property who failed to register their security interest during the
In the words of the late Kerry Packer: “I am not evading tax in any way, shape or form. Now of course I am minimising my tax and if anybody in this country doesn’t minimise their tax they want their heads read because as a government I can tell you you’re not spending it that
Here are several ways to obtain great ideas for new products: Run informal sessions where groups of customers meet with company engineers and designers to discuss problems, needs and brainstorm potential solutions Allow staff time off to work on pet projects Survey your customers and find out what they like and dislike in your competitor’s
Litigation is in decline in the business community. Alternative forms of dispute resolution are now becoming more popular and, in some circumstances, are mandatory. All family law disputes since 2006, for example, have required compulsory mediation. Mediation is a cost effective avenue for parties in dispute. The process can cost large sums, but the process
In business, ‘groups’ and ‘teams’ are not one and the same. As it can often be difficult to distinguish between the two, management should define and clarify the difference. A ‘work group’ interacts primarily to share information and make decisions to help each member perform within their area of responsibility. The performance of the work
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