Imported goods below AU$1,000 are not currently subject to Australian import GST, however, the Australian Government announced in the 2016-17 Budget that from 1 July 2017, GST would be applied to imports of goods under AU$1,000 made by Australian consumers. This has now been postponed until 1 July 2018.
The new financial year has begun, so here are a few important dates for business owners to remember for income tax returns, employees and GST.
As a small business owner you can often fall into old habits at tax time and not consider some of the less obvious or new ATO tax deductions available. With 7 day's to June 30 here are 7 commonly overlooked tax deductions that could help your business become smarter and sharper every financial year!
The wide-ranging superannuation reforms come into effect on 1 July 2017. With the changes come a series of issues that Trustees need to be across, even if they don’t immediately affect you or your fund including: Understand the value of assets at 30 June, self funded retirees – avoiding adverse tax outcomes and how should you value SMSF assets.
The answer is quite a lot but it takes planning pre 30 June. Here are our top tips including: Timing is everything, accelerate deductions, delay income – one off opportunity for high-income earners, money or debts owed to private companies and house-keeping for business.
The problems that any Australian Government is expected to resolve and the wish list they are supposed to fulfil, is extensive regardless of which party is in power. This Budget delivers a series of measures to attempt to please as many people as possible.
What to expect from the 2017 Federal Budget? With the 2017-18 Federal Budget set to be handed down tomorrow the Government has now moved into “Budget mode”, building suspense and drip-feeding information about a series of budget [...]
Why work-related travel claims are easy pickings for the ATO The Australian Taxation Office (ATO) is on the warpath over work related travel expenses and is prepared to test the boundaries of claims in court. [...]
What employers need to know about FBT 2017 The Fringe Benefits Tax (FBT) year ends on 31 March which means the ATO will be looking closely at whether or not every employer who should be [...]
Following the recent abuse of the program by the building and construction industry, the Australian Taxation Office is cracking down on the exploitation of research and development tax incentives and will be addressing the misuse of the incentive.