Business Accounting and Consulting Services
These are payments made by businesses that have not withheld an amount or reported the PAYG tax to the ATO. Such payments are considered non-compliant and will make the employers ineligible for tax deductions.
Results from a recent survey found that businesses are spending way too much hours at work during the end of financial year. These practical tips may help you minimise EOFY stress for a more seamless transition to the new financial year.
The end of financial year is a crucial time for individuals and businesses to get their tax returns in shape. This is also a good time to do a quick rundown of the many opportunities for tax-saving so one can avoid the stress that comes with this super busy period.
With the EOFY approaching, now’s a great time to implement smart strategies to inspire business growth. And since there is no one-size-fits-all solution, seeking help from professional business advisors will be beneficial.
Federal Budget 2019: Tax (Business) Federal Budget 2019 Initiatives: Tax (business) An increase to the instant asset write-off An expansion to the instant asset write-off Small Business instant asset write-off extended Effective 2 April to 30 June 2020 The Government announced two changes in the budget in relation to the instant asset write-off for small businesses: Increasing the instant asset write-off threshold from the proposed $25,000 to $30,000 for small businesses (with aggregated annual turnover of less than $10 million) Expanding the instant asset write off measure to medium sized businesses with aggregated annual turnover of $10 million or more, but less than $50 million. This means both small and medium businesses can immediately deduct purchases of eligible assets costing less than $30,000 that are first used, or installed ready for use, from budget night to 30 June 2020. Medium businesses must acquire these assets after Budget night to be eligible as they have previously not had access to the instant asset write-off. The $30,000 threshold applies on a per asset basis. This means eligible businesses can instantly write off multiple assets.
If you’re a potential purchaser, proactive vendor, or hopeful borrower, you might be wanting to know which business valuation method is best. We tell you here.
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