small business

The budget’s boost to instant asset write-off is now law

  Federal Budget night announced an increase in the instant asset threshold, and also an extension of which businesses could access the measure. Now the Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Bill 2019 has achieved Royal Assent. (And it did so on 6 April, so your affected clients may appreciate the

[ Read More ]

SG amnesty is not law, but its promise has gathered $100 million so far

  Tax & Super Australia reported recently that the failure of the Superannuation Guarantee Amnesty to pass into law has led to a problem — namely, that employers who came forward after the announcement of the amnesty, via a media release in May 2018, on the expectation of enjoying the amnesty’s benefits, found themselves facing

[ Read More ]

The same business test replaced by the “similar business” test

  Among the first batch of tax legislation the government dealt with in the new year was Treasury Laws Amendment (2017 Enterprises Incentives No.1) Bill, legislation that contained changes to the “same business” test. It sees the “same business test” supplemented with a more flexible “similar business test” to work out whether a company’s income

[ Read More ]

Peer-to-peer sharing economy sourced assets, and the realities of making a claim

  The now common and still growing phenomenon of peer-to-peer goods exchange sites such as Gumtree or Facebook groups can throw up some interesting scenarios regarding the acquisition of claimable assets and the consequent work-related or business expense deduction claims. In the case of Gumtree, for example, the online buy-and-sell site has enjoyed increasing usage

[ Read More ]

SG amnesty: Are reports of ATO leniency off the mark?

  The failure of the Superannuation Guarantee Amnesty to pass into law has led to a problem. To recap, the Superannuation Guarantee Amnesty was to be available for the 12-month period from 24 May 2018 to 23 May 2019. To get the benefits of the amnesty (set out below) employers must during this 12-month period

[ Read More ]