Small Business NEWS

The instant asset write-off threshold has been increased to $30,000 and extended to 30 June 2020.If you purchase an asset (new or second hand) costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 April 2019, you can claim a deduction for the business portion.Different thresholds apply for assets purchased before that date:o    From 29 January 2019 until before 7.30pm AEDT …

Read More

Tax Breaks – Small Businesses

The Australian Taxation Office (ATO) defines a small business as having a total annual income between $2 million and $10 million. If your firm falls into this criterion, we have gathered some useful information on tax breaks for you.  A tax break is any sort of tax deduction, tax credit or tax exemption. It is a means of reducing your tax expense while filing your annual tax return. To save you some time, we have …

Read More

Low Income Earners Co-Contribution

Superannuation is a system that encourages you to save money in a fund throughout your life to get pension like payments when you retire. You make after-tax payments to the fund annually and the trustee invests the money elsewhere helping your fund grow while you earn. The superannuation constitutes of your own payments, government contribution and employer contribution. It is a partly compulsory practice in Australia and is also encouraged by the Australian Government through tax benefits. …

Read More