Low-cost assets and the threshold rule for your small business clients

The threshold rule allows a business to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets. The rule is meant to help your small business clients save time because they don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital

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SMSF event-based reporting: What needs to be reported, what doesn’t

Since event-based reporting started for SMSFs from 1 July 2018, the ATO says that for the larger part, SMSF trustees have mostly adjusted to the new requirements. Now that an entire income year under the transfer balance account report (TBAR) regime has been completed, some teething problems have emerged, which were to be expected. A

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ATO due dates September 2019

21 September Lodge and pay August 2019 monthly business activity statement. 30 September Lodge PAYG withholding payment summary annual report if prepared by a BAS agent or tax agent. If a payer has only closely held payees and their tax agent helps prepare their report, they may be eligible for a concession to lodge this

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ATO rulings, legislative instruments, practice statements — to 31 August 2019

Rulings CR 2019/48 Hivint Pty Limited – Employee Option Plan CR 2019/49 SA Lifetime Support Scheme – under the self-directed support program of services for assessed treatment and care needs LCR 2019/4 Expansion of the taxable payments reporting system to road freight, security, investigation or surveillance, and information technology services CR 2019/46 Tomago Aluminium Company

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Upcoming ATO webinars in September

If you are thinking of starting a small business or have a hobby that is becoming a business, this session will help you understand: the difference between a hobby and a business what to do if your hobby turns into a business the most common business structures and the registrations you may need to be

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Upcoming TPB webinar in September

Webinar Date & time Description For tax (financial) advisers Ethics for tax (financial) advisers Wednesday 18 September 11:00am-12:00pm (AEST) Tax (financial) advisers are bound by the TPB’s Code of Professional Conduct and FASEA’s new Code of Ethics. This webinar will explore how the Codes will work together, and your obligations and responsibilities.

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