Lodgement Rates & Thresholds | 2019-20 Issue

To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place.

This guide includes tax rates, offset limits
and benchmarks, rebate levels, allowances, and essential super as well as FBT rates and thresholds (including current gross-up factors) and student loan repayment rates.

Your Knowledge News – August 2019

In this edition, we look at the confusion over changes to personal income tax.

We also take a look at why the Government does not want your business accepting cash payments over $10,000.

Other articles include:

  • ‘proof of life’ certificates requirements for overseas pensioners.
  • Some of the weirdest tax deductions revealed.
  • Tax treatment of compensation from financial institutions.
  • FBT and Uber style ride sharing.

We hope you find this edition of Your Knowledge informative, and invite you to contact your CMS Advisor to discuss any of the content and how it may have an impact on you.

Your Knowledge News – July 2019

In this edition, we look at the changes to Superfunds from 1st July, Single touch payroll exemptions, Laundry expenses and trust assets ownership.

We also take a look at tax cheat tip-offs with the ATO stating the number of tip-offs they have received hasreached an all time high.

We hope you find this edition of Your Knowledge informative, and invite you to contact your CMS Advisor to discuss any of the content and how it may have an impact on you.

Your Knowledge News – June 2019

In this edition, we look at Tax Time and if you are in the ATO’s sights. We discuss Payroll live reporting through Single Touch Payroll, work related deductions, record keeping and working from home.

Other tax topics discussed are :Cryptocurrency, Rental property deductions for shared properties and earning money from the sharing economy (AirBNB, etc).

We also discuss tax issues related to your Superannuation, your Business and your Trusts.

There is included an article on how to prepare for a Tax Office visit.

We hope you find this edition of Your Knowledge informative, and invite you to contact your CMS Advisor to discuss any of the content and how it may have an impact on you.

Budget 2019

This year’s federal budget has a few sweeteners, which was to be expected with the next federal election only about a month away and the Coalition Government trying to make up ground in the polls. The welcome news is the forecast return to surplus for the 2019-20 fiscal year.

Also note that proposed changes to Division 7A will be deferred from 1 July 2019 to 1 July 2020, and that there are some useful changes to superannuation that will benefit older pre-retirees.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

Your Knowledge News – March 2019

In this edition, we look at single touch payroll reporting requirements. We discuss a number of Federal budget changes that are still in limbo such as extensions to the $20k instant write-off and removal of CGT exemption on your main residence for non-residents. Also discuss are benefits provided during environmental emergencies and exemption from FBT.

We hope you find this edition of Your Knowledge informative, and invite you to contact your CMS Advisor to discuss any of the content and how it may have an impact on you.

Your Knowledge News – February 2019

In this edition, we look at estate planning, tax warnings on overseas income and tax changes that came in force on 1st Jan 2019. We also take a look at cyber scams and breaches.

We hope you find this edition of Your Knowledge informative, and invite you to contact your CMS Advisor to discuss any of the content and how it may have an impact on you.

Newsletter – Summer 2018

In this edition, we look at some recent tax changes and have a follow up to our Winter newsletter article on the Single Touch Payroll system, which will impact small business employers from 1 July 2019.

In the lead-up to the Federal Election next year, we take a look at one of the Labor Party’s planned tax policies in relation to franking credits. With Christmas just around the corner, we also take a brief look at Fringe Benefts Tax consequences of providing gifts and benefts to staff, with the ATO being ‘The Grinch’.

Lodgement Rates & Thresholds | 2018-19 Issue

To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place.

This guide includes tax rates, offset limits
and benchmarks, rebate levels, allowances, and essential super as well as FBT rates and thresholds (including current gross-up factors) and student loan repayment rates.

Immediate write off for assets that cost less than $20,000 extended for 12 months

In the 2017-18 Budget, the Government announced that they were extending the immediate write off for assets that cost less than $20,000 for an additional 12 months, until 30 June 2019, for small businesses (i.e. aggregated turnover threshold of $10 million). This change is not yet law.

 

  • Immediate deductions for most depreciating assets that cost less than $20,000 that are acquired and installed ready for use, up to and including, 30 June 2019. These accelerated depreciation rules apply to both new and second hand assets. Excluded assets are horticultural plants including grapevines, in-house software allocated to a software development pool and capital works.

 

  • The depreciating assets acquired and installed ready for use, up to and including, 30 June 2019 for $20,000 or more must be pooled and depreciated at 15% in the first year and 30% each year thereafter.

 

  • Write off the balance of your small business pool at the end of a financial year if the balance, before applying the depreciation deduction, is less than $20,000.

 

The current $2 million turnover threshold will be retained for access to the small business capital gains tax concessions.

 

In addition to the extension of the immediate write off, primary producers are eligible for the following concessions:

 

  • Primary producers can claim immediate deductions for capital expenditure on water facilities including dams, tanks, bores, irrigation channels, pumps, water towers and windmills; and fencing assets.

 

  • Primary producers can also claim fodder storage assets such as silos and tanks used to store grain and other animal feed assets over 3 income years.