The instant asset write-off threshold has increased to $30,000, and has been extended to 30 June 2020. The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or...
ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country, including up to 500 small businesses in Tasmania. He further said that businesses that advertise as ‘cash only’ and businesses that are operating outside of the ATO’s performance benchmarks...
You may dream about overseas holidays, home renovations or simply spending more time with your friends and family in retirement. However, the reality is that many people’s savings are unlikely to match their ideal retirement lifestyle unless they take action. When you retire, your superannuation, assets and other investments are your lifeline. You no longer...
Both Facebook and Google have been victims of a sophisticated phishing attack which stole $100 Million over two years. It’s surprising that two major tech companies could fall for such a scam, but the truth is that phishing is now a big business and the criminals behind it are getting better at it every day....
Australian lawmakers have passed legislation that requires even the smallest of employers to electronically file each pay run with the tax office using Single Touch Payroll, starting July 1. It’s a big ask for the nation’s 2.3 million small businesses, which employ 40 percent of all workers. It’s also a big opportunity. Good time to...
Incorrectly claimed rental deductions, specifically ones relating to holiday homes, are being targeted for audit by the ATO. The focus on deductions being claimed will be based on information being shared between the ATO and holiday rental providers. The target will be over the next four years, however any consistent misuse of the rental deduction...
Paying superannuation to your employees is an important part of being an employer. If you miss a payment, super guarantee charge (SGC) may apply, and you will need to lodge an SGC statement the following month. SGC is non-deductible, made up of: Super guarantee (SG) shortfall Interest on the shortfall (currently 10% pa) An administration...
With the cost of living going up each year, it’s hard to imagine how much you’ll need for your retirement. But, research by the Association of Superannuation Funds of Australia (ASFA) suggests that if you’re aiming for a comfortable lifestyle in retirement you’ll need to save about $640,000 for a couple or $545,000 for a...
Kothes Eden is farewelling one of our chartered accountants David Cowles in February. David is moving to Canberra to pursue sporting opportunities for his son Luka, a rising young tennis star. Luka, 9, is in the top 5 players in his age group in Australia and will train with Tennis Australia. Canberra is also more...
Dear Client, It is the last day of January already! We hope you had a fantastic Christmas and New Year and that 2019 is a great year for you and your business. In our first edition of Kothes Advantage for 2019 we sadly farewell one of our chartered accountants, David Cowle, who is moving to...