Tony’s Tradies Small Business $20,000 Depreciation Deduction

Guidance has been issued by the Tax Office for small businesses on the new $20,000 small business instant asset write-off measures announced in the Government’s 2015 budget. Although not yet legislated, the measure applies from the time of its public announcement, 7.30pm AEST on 12 May 2015. With the end of the financial year just around … Read more

Updating motor vehicle expense claims

Assistant Treasurer Josh Frydenberg has flagged changes to motor vehicle tax deduction claims: the 12 per cent of original value and one-third of actual expenses incurred calculation methods are to be discontinued, and the cents-per km rate is to be set at a flat average rate of 66 cents per kilometre, regardless of vehicle engine … Read more

A List of Checklists

In the period running up to June 30 there are tax return and other types of tax checklists appearing on various websites. When we come across a useful free checklist we link to it here. Suggestions for additions to the list are welcome, with attribution. See [su_button url=”/checklists/” target=”blank” style=”3d” background=”#8B0000″ size=”5″ icon=”icon: arrow-right”]Checklists[/su_button]  

End Of Year Tax Planning

It’s coming towards the close of another financial year. This year is perhaps a little different to the last, because the next tax year (2014-15) has some personal income tax rate changes coming into effect. From 1 July 2014 the Medicare Levy goes up, and (subject to passage through parliament) the recently announced Budget Repair Levy kicks … Read more