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Posts by theaccountant

$30,000 instant asset write-off

Looking at purchasing assets for your business? The instant asset write-off threshold has been increased to $30,000. If you purchase a new or secondhand asset 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…

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Single Touch Payroll commencing for Small Employers on July 1 2019

As you may be aware the Australian Taxation Office is introducing Single Touch Payroll (STP) for small employers commencing 1 July 2019. Depending on your situation there are options available. Ask your Tax Agent to report for you If you have 1-4 employees and limited digital capability you may eligible to report quarterly through your…

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Fuel tax credit rates have increased

Fuel tax credit rates increased on the 4th of February 2019 in line with fuel excise indexation. If you claim less than $10,000 in fuel tax credits per year, next time you calculate your claim just use the rate that applies at the end of that BAS period. Check out the updated rates – business.

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Single Touch Payroll

Federal Parliament has passed legislation announcing all businesses with 19 or fewer employees will now have to report under the Single Touch Payroll system by 1 July 2019. Businesses with 20 or more employees came under reporting requirements in July 2018. This new legislation will make it mandatory for all Australian small businesses to send…

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