4 July 2017 / Last updated : 5 July 2017 hiltonadmin CPA Professionals

Checklist of business deductions

This non-exhaustive checklist of business deductions is designed to provide an easy reference guide to the types of deductions that might be claimed by businesses.

4 July 2017 / Last updated : 4 July 2017 hiltonadmin CPA Professionals

Does your business need to do a stocktake this financial year?

A stocktake can be an important part of running a business. But does your business need to do a stocktake this financial year? If you buy or sell stock, recent law changes could affect whether you need to do one this income year.

4 July 2017 / Last updated : 4 July 2017 hiltonadmin CPA Professionals

Is that worker a contractor or an employee?

The ATO has an online tool that can help, and the following table can help decide the status of a worker.

4 July 2017 / Last updated : 8 September 2017 hiltonadmin CPA Professionals

Accelerated depreciation for small business gets extended

In the 2015-16 federal budget, the government increased the small business immediate deductibility threshold from $1,000 to $20,000, which was originally due to end at June 30, 2017.

28 April 2017 / Last updated : 28 April 2017 hiltonadmin CPA Professionals

SMSFs and the in-house asset rules explained

A not-uncommon conundrum for many SMSF trustees is what to do when the fund is found to have breached the in-house asset rules. There are also some common misconceptions about these regulations that keep resurfacing.

21 April 2017 / Last updated : 8 September 2017 hiltonadmin CPA Professionals

Where’s my BAS refund?

Statistics supplied by the ATO indicate that most GST refund claims (98% of them according to its data) are processed without any problem, but the ATO also says that every year it will select a small proportion of BAS refunds and temporarily hold onto them to check the accuracy of the information provided.

7 April 2017 / Last updated : 7 April 2017 hiltonadmin CPA Professionals

Small business tax cuts

Companies with a turnover of up to $50 million a year will receive a tax cut, applicable to this financial year, taking the rate down from 30% to 27.5%.

24 March 2017 / Last updated : 8 September 2017 hiltonadmin General

What counts towards super’s new $1.6m transfer balance cap?

The transfer balance cap applies to the total amount of superannuation that has been transferred into retirement phase. The balance of assets in pension phase can be held across several accounts, so the number of accounts is immaterial.

10 February 2017 / Last updated : 8 September 2017 hiltonadmin CPA Professionals

Fringe benefits tax and entertainment

In the run up to the end of the FBT year, the ATO reminds employers that a fringe benefit may be provided by another person on behalf of an employer, but may also be provided to another person on behalf of an employee (for example, a relative).

Our Blog