News

The Treasury Laws Amendment Bill 2018 has now been passed through Parliament extending access to the small business instant asset write-off for assets purchased costing less than $20,000. The extension of the increased threshold is until 30 June 2019. From 1 July 2019, the instant asset write-off threshold will revert back to $1,000. For the...

MYOB has announced that it will discontinue its support services to all MYOB Desktop based applications from 30 September 2019. This discontinuation will include general software support services and also compliance updates for those applications. Accordingly from now, MYOB will only support customers on its online cloud based solutions. If you are currently using the MYOB Desktop software or no accounting software...

On 23 August 2018, the Treasury Laws Amendment Bill 2017 (Enterprise Tax Plan Base Rate Entities) was passed; providing clarity on which companies are eligible for the lower company tax rate. To be eligible for the lower tax rates in 2017-18 financial year, the company must have aggregate turnover of less than $25 million (2018-19...

The Government has secured enough support from the cross-bench senators to enable passage of the Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018. Under the Bill (which must now receive Royal Assent), the following changes will be made to personal tax rates: From 1 July 2018, the income threshold for the 32.5% tax rate will increase from $87,000...

From November 2018, all trading names, including the trading name listed using your Australian Business Number (ABN), will be removed from the ABN Lookup. Only registered business names will continue to be listed on the ABN Lookup. Trading names will no longer be legally valid. If you require your trading name you will need to...

The Turnbull Government is continuing to take action to ensure Australian workers are paid the superannuation entitlements that they are owed. On 24 May 2018, the Federal Government introduced legislation to complement the sweeping superannuation guarantee (SG) integrity package already before Parliament by introducing a one‑off, twelve month amnesty for historical underpayment of SG. The...

Business benchmarks are a guide to help you compare your business’s performance against similar businesses in the same industry. These ATO published benchmarks are financial ranges to help compare your business’s performance against others in your industry. Performance benchmarks are financial ranges for your industry to help you work out how you compare to other businesses...

At Quantum Partners we consider the protection of your client data and your personal information, including your TFN as a paramount responsibility. We constantly monitor our computer and internal systems and our electronic communication with you to minimise any chances or your data being exposed either deliberately by an outsider or accidentally by us. Recent...

The NSW Government has reformed the compulsory third party (CTP) insurance scheme. Part of these reforms that started on 1 December 2017 resulted in reduced costs of CTP Green Slips for vehicle owners and better support people injured on our roads. If you were the registered owner of a private vehicle as at midnight 30...

Single Touch Payroll is a reporting change for employers. It means employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to the ATO directly from their software payroll provider at the same time they pay their employees. Employers may need to update their payroll solution to report through Single Touch Payroll. For...