News

The ATO has released the latest benchmarks for small business based on the data from 2014 income tax returns and business activity statements, covering over 1.3 million small businesses. Assistant Commissioner Matthew Bambrick said that, if a small business is inside the benchmark range for their industry and the ATO hasn’t received any extra information...

The benchmark interest rate for 2016/17, for the purposes of the deemed dividend provisions of Div.7A, is 5.40% (down from 5.45% for 2015/16).

The CGT improvement threshold is $145,401 for the 2016/17 income year, up from $143,392 for 2015/16.

The ATO has determined that the rate at which work-related motor vehicle expense deductions may be calculated using the cents per kilometre method is 66 cents per kilometre for the income year commencing 1 July 2016.

The reasonable amount for overtime meal allowance expenses for 2016/17, where an allowance is paid under an award, order, determination, industrial agreement or a Commonwealth, State or Territory law, is $29.40 per meal.

Tax saving strategies prior to 1 July 2016 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year.  The tax rates for resident (adult) individual taxpayers for the 2015/16 income year are as follows: Taxable...

Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax.   Traditionally, year-end tax planning for small businesses is based around two simple concepts – i.e., accelerating business deductions and deferring income. However, Small...

This is an important reminder to all our clients, whether you are an employer, employee or trustee of a self-managed superannuation fund (SMSF). SuperStream is a standard for processing superannuation data and payments electronically. It must be used by: employers self-managed super funds (SMSFs) The start of this financial year (1 July 2015) heralded the...

If you are eligible to claim family assistance payments for the 2014–15 financial year you must lodge your lump sum claim with the Department of Human Services (Centrelink) by 30 June 2016. Family assistance payments include family tax benefits, child care benefits and single income family supplements. We encourage you to lodge a lump sum...

A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. The tax rates for resident (adult) individual taxpayers for the 2014/15 income year are as follows: Taxable Income threshold Tax payable* 0 – $18,200 Nil...