What’s new for Australian business? The ATO has recently reminded small businesses of the expanded tax concessions potentially available to them, as outlined below: The pending increase in the small Read More…
Additional tax on concessional contributions The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabilities relating to the 2018 income year. Division 293 Read More…
Claims for home office expenses increased The ATO has updated the hourly rate taxpayers can use to determine deductions for home office expenses from 45 cents to 52 cents per Read More…
Legislation proposed to increase instant asset write-off threshold Using the simplified depreciation rules, assets costing less than the instant asset write-off threshold are written off in the year they are bought and used, or Read More…
MYEFO report Mid-Year Economic and Fiscal Outlook (‘MYEFO’) report recently released. It indicates that the underlying Budget deficit is expected to be $5.2 billion in 2019 (down from the $14.5 Read More…