tax planning Archives - Page 3 of 4 - Salisbury Accountants

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 […]

Read more

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 […]

Lifecycle of a business from start-up to sale

April 24, 2020/in Case Studies & Feature Business Articles /by Salisbury Accountants & Business Advisors

Speech Pathologist Karla Morison was new to business ownership

After having her third child, Karla Morison felt it was time to resume her career with the idea of starting her own speech pathology clinic in 2013.

Matt Salisbury was Karla’s accountant since 2004. Having never managed a business before, Matt was a natural choice for […]

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 […]

Update on COVID-19 business assistance

March 26, 2020/in Business Advice, COVID-19 Resources /by Salisbury Accountants & Business Advisors

Action required: update on COVID-19 assistance for your business

Things have changed significantly around Australia with the recent announcements of enforced closing of some businesses and other restrictions imposed by the Governments to stop the spread of COVID-19.

It is going to be a very tough time for all of us business owners over the […]

Clearance certificates

March 5, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

A clearance certificate provides certainty to purchasers regarding their withholding obligations

It confirms the withholding tax is not applicable to the transaction.

The purchaser must withhold 12.5% of the purchase price in transactions involving taxable Australian real property, or an indirect Australian real property interest that provides company title interests, with a market value of […]

Policy details from insurers about “lifestyle assets”

January 28, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

ATO receives five more years of policy details from insurers about “lifestyle assets” like yachts, fine art

The Australian Taxation Office (ATO) revealed it will be requesting a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft.

[…]

Stress less if you have nothing to confess

November 8, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

ATO closing tax gaps

As part of the ongoing focus on closing tax gaps, the Australian Taxation Office (ATO) are scrutinising every tax return lodged and are on the lookout for incorrect claims this tax time.

Assistant Commissioner Karen Foat is assuring taxpayers who are doing the right thing, and only claiming what they’re entitled […]

Work expense deductions

August 28, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Myths (and the facts) about work expense deductions

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others.

Mainstream media only recently was peppered with reports about the ATO being faced with many outlandish tax deduction claims — dental expenses, gambling losses, Lego sets and […]

Posts

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.

After having her third child, Karla Morison felt it was time to resume her career with the idea of starting her own speech pathology clinic in 2013.

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.

Things have changed significantly around Australia with the recent announcements of enforced closing of some businesses and other restrictions imposed by the Governments to stop the spread of COVID-19.

It confirms the withholding tax is not applicable to the transaction.

The Australian Taxation Office (ATO) revealed it will be requesting a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft.

As part of the ongoing focus on closing tax gaps, the Australian Taxation Office (ATO) are scrutinising every tax return lodged and are on the lookout for incorrect claims this tax time.

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others.

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