SMALL BUSINESS ENERGY INCENTIVE If you want to become more energy conscious within your business operations the good news is that now you can get a bonus tax deduction from doing so. The Australian Government announced it will provide businesses that have an annual turnover of less than $50 million with an additional 20% deduction … Continued
You have probably heard the recent Labour announcement earlier this week of significant changes to super that may impact you. On 28th February 2023, the government announced that from 1st July 2025 a 30% concessional tax rate will be applied to future earnings for superannuation balances above $3 million. As of yet, this cap has … Continued
Both new and established investment properties attract depreciation deductions for their owners, however, there are differences in what owners are eligible to claim. Here, BMT Tax Depreciation outlines the differences in depreciation eligibility between new and established investment properties. Depreciation overview Depreciation is the natural wear and tear of a property and the assets within … Continued
As anticipated the Government has delivered a budget with measures aimed at reviving the economy and creating jobs. In a budget that is encouraging spending on many levels, there are loads of tax-related measures for business, as well as several positives for individuals. We wanted to give you a summary of all the measures that … Continued
Are you aware of the adjustments to JobKeeper and how they affect you? As many of you are aware, the Government recently announced that JobKeeper payments will be extended until 28 March 2021, with payments being made over two separate extension periods. The extension periods are: Extension period 1, which covers the seven new JobKeeper … Continued
As anticipated, the Government has announced an extension to its two major stimulus programs; JobKeeper and JobSeeker, to ensure support is provided after 30 September when the programs were originally due to expire. The current extensions to the programs are as follows: JobKeeper Extension: JobKeeper has now been extended till 28 March 2021 – with … Continued
Are you aware of the new Government JobKeeper Payments and how they affect you and your business, or you as an employee? What is the JobKeeper Payment? Businesses impacted by COVID-19 may be eligible to access a subsidy to assist with paying employees. The Government will provide a fortnightly payment of $1,500 per eligible employee, … Continued
The Coronavirus outbreak: COVID-19, is wreaking havoc across the nation, leaving business owners around Australia counting costs. Fortunately, the government have put measures in place to support our economy and assist business owners with their cash flow during this difficult time. Cash flow boost for employers Businesses with an aggregated annual turnover under $50 million, … Continued
One of the most common mistakes made by property investors when completing their annual tax return is confusing repairs, maintenance and improvements. It’s important to understand and distinguish each deduction in order to correctly lodge your claim and maximise your tax refund. According to the Australian Taxation Office (ATO), repairs are considered work completed to … Continued
Are you a business owner that purchases assets primarily for business use? Are you aware of the increased amount of claiming an instant asset write off for newly purchased assets, for the 2019 income year, be it brand new or second hand? Using the instant asset write-off, you can claim a deduction for each asset … Continued
Recently, we’ve experienced an increase in clients coming to us with queries on cryptocurrencies. Many clients ask, “what are the practical issues that can arise when investing in crypto?” These ‘issues’ often occur in two areas of the cryptocurrency market: When exchanging one cryptocurrency for anotherRecord-keeping requirements relating to cryptocurrency transactions. Exchanging one cryptocurrency for another When … Continued
All employees want to minimise their tax payable. Who wouldn’t? A major assumption is that claiming deductions on most receipts means minimising the tax payable – but you need to ensure you are following the ATO guidelines. The ATO states that in claiming deductions, individuals need to ensure they claim only what is related to their profession. With increasing … Continued
Are you a landlord renting out a property or offering short-term accommodation services through online platforms? If so, you should be aware that the ATO has now launched two new data matching programs that will affect property owners such as yourself. What is Data Matching, and how does it affect you? Rental Bond Data The … Continued
With a recorded rainfall of 57mm below average this autumn, it’s little wonder Australian farmers are turning to donations and relief funds to help maintain the vitality of their crops and cattle. While you may wish to make a donation yourself, it is important to first find out whether the recipient is aware of the tax implications associated with receiving crowdfunding payments. What is … Continued
One thing that some businesses forget to consider is, if they will need to pay Fringe Benefits Tax (FBT). Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee (or an employee’s associate e.g. a family member) in place of salary or wages. Here are some tips and tax … Continued
The 2016 Budget was always going to be interesting. On one hand the Liberal Party wished to use this Budget as their policy platform for the coming election, and on the other hand, a budget deficit exists that needs to be eventually reduced. This Budget achieves its objectives of providing a few tax ‘perks’, whilst also increasing taxes … Continued
Year End Tax Planning Now is the time to act and focus on your tax and financial planning in order to minimise tax, reduce risk, and be prepared financially for the year ahead. Effective tax planning is something that should be considered year round and by making it a priority could result in you paying … Continued
The big winners from Joe Hockey’s 2015 Budget are small business owners. With tax cuts on business income and the ability to immediately write-off business assets up to $20,000, small business owners have a lot to be happy about. Other people in the community were hit hard with this Budget, with overall spending cuts to … Continued