Tax Planning Archives - Page 3 of 5 - Salisbury Accountants

ATO allowances on late lodgement and penalties

June 15, 2020/in COVID-19 Resources, Tax Planning /by Salisbury Accountants & Business Advisors

Lodgement due date for all tax returns denied

An extension was requested in light of the extra COVID-19-related issues many business owners have worked through, including setting up employees for JobKeeper and accessing the government’s stimulus package.

However the ATO Deputy Commissioner replied: “We recognise and appreciate your efforts to help your clients meet their […]

$150,000 instant asset write-off extended

June 10, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

Asset investment write-off extension gives farmers and suppliers options

Farmers have applauded the federal government’s decision to extend its $150,000 instant asset investment write-off offer until December after many businesses highlighted the previous deadline was too short to make practical use of the incentive.

The instant investment depreciation write-off was initially announced in […]

Under COVID-19 providing certain benefits deemed not taxable

June 9, 2020/in COVID-19 Resources, Tax Planning /by Salisbury Accountants & Business Advisors

COVID-19 employment benefits

The ATO has been asked pertinent questions from taxpayers about some salient queries that have arisen due to the current COVID-19 employment environment. These may apply to a wide sample of taxpayers.

Some queries have related to fringe benefits tax (FBT) and the supply of items from an employer to staff to […]

Salisburys tax planning reminder

June 4, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

Reduce your tax

With the end of financial year just weeks away, there is still time to discuss with us the actions you can take before 30 June to reduce tax and access additional cash flow.

“In the business world, the rear view mirror is always clearer than the windshield” – Warren Buffett

It’s the […]

SBSCH USERS Deadline reminder to claim your tax deduction

June 1, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

Want to claim a deduction for super contributions?

Your super payments must be accepted by 23 June 2020.

Super payments are only considered to be paid for the purpose of claiming a tax deduction once they have been received by the super fund, not the date the Small Business Superannuation Clearing House (SBSCH) accepts them?

[…]

Accelerated depreciation Stimulus package

May 4, 2020/in COVID-19 Resources, Tax Planning /by Salisbury Accountants & Business Advisors

The government has announced that business with less than $500m in turnover will receive accelerated depreciation deductions for new assets up to 30 June 2021.

This accelerated depreciation is available for assets in the first year of deductions for the asset, and will be 50% of the installed cost of the asset, with the remainder […]

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Instant asset stimulus package for 2020 purchases

April 29, 2020/in COVID-19 Resources, Tax Planning /by Salisbury Accountants & Business Advisors

The instant asset write-off will be available for the majority of businesses during some part of the 2019/20 income year

Between 12 March 2020 to 30 June 2020, businesses with up to $500m in turnover will get an instant asset write-off for assets first installed and ready for use under $150k.

In the legislation, the […]

Tax relief for businesses affected by COVID-19

April 23, 2020/in COVID-19 Resources, Tax Planning /by Salisbury Accountants & Business Advisors

Businesses affected by COVID-19 can now access support from the ATO on managing their tax affairs

The ATO will allow deferrals of payments for 6 months for income tax, activity statements, FBT and excise payments.

Also, affected businesses will be able to apply for remission of interest and penalties.

Affected businesses are being encouraged to […]

2020 Tax planning

April 14, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

Reduce your 2020 tax

With the end of financial year approaching quickly, now is the time to discuss with us the actions you can take before 30 June 2020 to reduce your tax and access additional cash flow.

For 2020, key priorities are likely to include:

Maximise Federal and State Government Stimulus Payments Deferring […]

Fringe Benefits Tax 2020

April 6, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

What every employer needs to know about fringe benefits

On 31 March 2020, the Fringe Benefits Tax (FBT) year ends. With the ever-increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount.

To help you meet your fringe benefits obligations, […]

An extension was requested in light of the extra COVID-19-related issues many business owners have worked through, including setting up employees for JobKeeper and accessing the government’s stimulus package.

Farmers have applauded the federal government’s decision to extend its $150,000 instant asset investment write-off offer until December after many businesses highlighted the previous deadline was too short to make practical use of the incentive.

The ATO has been asked pertinent questions from taxpayers about some salient queries that have arisen due to the current COVID-19 employment environment. These may apply to a wide sample of taxpayers.

With the end of financial year just weeks away, there is still time to discuss with us the actions you can take before 30 June to reduce tax and access additional cash flow.

Your super payments must be accepted by 23 June 2020.

This accelerated depreciation is available for assets in the first year of deductions for the asset, and will be 50% of the installed cost of the asset, with the remainder […] Read more

Between 12 March 2020 to 30 June 2020, businesses with up to $500m in turnover will get an instant asset write-off for assets first installed and ready for use under $150k.

The ATO will allow deferrals of payments for 6 months for income tax, activity statements, FBT and excise payments.

With the end of financial year approaching quickly, now is the time to discuss with us the actions you can take before 30 June 2020 to reduce your tax and access additional cash flow.

On 31 March 2020, the Fringe Benefits Tax (FBT) year ends. With the ever-increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount.

This accelerated depreciation is available for assets in the first year of deductions for the asset, and will be 50% of the installed cost of the asset, with the remainder […]

Read more