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ASIC Scam Email

If you receive an email which is similar to below please do not download and delete as this is a scam and not issued from ASIC. This has been circulating for a few months now and if you are unsure please contact us or ASIC to verify.

 

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BAS – Late Lodgment Penalties

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cash


What happens if I lodge late?

Extra money for the ATO!

 

 

Make sure if you have Business Activity Statements to complete that they are lodged on time as the ATO may issue late lodgment penalties.
The Failure to lodge on time penalty (FLT) for a small business starts from $180 up to 28 days late and could go up to $900 if over 113 days late.  Interest may also be imposed.
If preparing these yourself you will have at least 1 month after the end of the period to lodge.
You will have further extensions of time if lodging electronically via the business portal or lodged by us (up to 2 months after reporting period closes).

If you have questions regarding how the penalties are applied please contact us or refer to the ATO link below for further guidance.

 

hyperlink  Further information

ato  Failure to Lodge Penalties

 

Posted in: Blog, Jan-June 2016, Taximiser News

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December Newsletter Released

Articles in this months newsletter:Newsletter

  • Is Your New Home Exempt from Capital Gains Tax?
  • Small Business Pool Write-off
  • Company Tax Franking Implications
  • Adjusted Taxable Income – What is it and what is it used for?
  • Tax & Cyber Security

 

 

Please contact us or click on the link below if you would like a copy of our newsletter which will be emailed to you monthly.

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Posted in: Blog, July-Dec 2015, Taximiser News

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July Newsletter Released

Articles in this months newsletter:Newsletter

  • Questions Answered – $20,000 Immediate Write-Off
  • Tax Deduction Misconceptions
  • Deductions for your Holiday House
  • Insurance through SMSF’s
  • Essentials of Succession Planning
  • Small Business Ombudsman


Please contact us or click on the link below if you would like a copy of our newsletter which 
will be emailed to you monthly.

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Posted in: Taximiser News

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June Newsletter Released

Articles in this months newsletter:Newsletter

  • Small Business – End of Year Planning
  • Last Minute Tax Planning Tactics
  • End of Year Super Planning
  • Role of Auditors for SMSF’s
  • Working from Home


Please contact us or click on the link below if you would like a copy of our newsletter which 
will be emailed to you monthly.

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Posted in: Taximiser News

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Small Business $20,000 Asset Write-off

smallbusinesslogo

cashSmall businesses had a win on budget night with the proposed immediate write-off of business assets up
to $20,000 from 12th May.


What does it mean for me in business?

If you purchase a new asset up to $20,000 you will be able to claim the full amount as a deduction off your business income.

Existing Assets?
If assets were previously held in a ‘general pool’, under the simplified depreciation rules and the pool balance is under $20,000 you are able to write-off these assets immediately in the 2015 tax return.

What if my asset is more than $20,000?
Equipment purchased of $28,000.  You will not be able to write-off $20,000 immediately but the asset may be pooled at 15% for the first year then 30% on the balance in the second.
If the equipment is leased please contact us for further information on its treatment.

When does this measure end?
June 30th 2017.

Is the measure law yet?
The proposed change has not yet been enacted but will be backed from budget night (12th May 2015).

Tax savings?
The tax saving of a sole trader who purchased a vehicle (new or second hand) of $18,000 would reduce his business expenses by this amount and in turn reduce the taxable income by $18,000.
For example if taxable income before business asset purchase was $55,000 (marginal tax rate of 19%), after the deduction for business he would save approx. $6,480 off the estimated tax bill.

 

OUR VIEW

Should I go out shopping now?
This incentive will be around until June 2017 so there no real urgency to purchase now if you can hold off unless you are estimating a rather large tax bill on its way!
Bear in mind that just because an incentive is available does not mean you go out and buy an asset if not affordable in your circumstances.
You will need to look at your cash flow situation and whether the existing asset actually needs replacement.
The benefit should also out way the cost!

 

hyperlink  Further information

ato  Accelerated Depreciation

 
 

Posted in: Taximiser News

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2015 Budget Highlights

Budget2015

 

 

 

 

 

 

 

FEDERAL BUDGET SUMMARY – MAIN POINTS

 Company tax rate reduced to 28.5%
 Small business write-off on assets purchased up to $20,000 until June 2017
 5% discount on tax payable for small business
 Immediate deduction for professional services when starting a business
 Car deduction methods reduced from 4 to 2
 Personal tax rates – no change
 New child care subsidy
 Increase in ATO penalty amounts applied (no surprise)
 One single portal for business and company registration
 GST now applied to imported digital products and services
 Change to pension asset tests
 Amendments to parental income testing

 
 

A copy of our free Budget newsletter which has more in-depth information on the above is available upon request.

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Posted in: Jan-June 2015, Taximiser News

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May Newsletter Released

Articles in this months newsletter:Newsletter

  • Taxation of Employment Termination Payments
  • The Undercover Employee
  • Advice for SMSF’s
  • Claiming GST Credits for Employee Reimbursements
  • Non-Resident Tax Treatment – Who is considered a Non-Resident?

 


Please contact us or click on the link below if you would like a copy of our newsletter which 
will be emailed to you monthly.

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Posted in: Jan-June 2015, Taximiser News

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