Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days
prior to the end of the financial year.
Purchases of depreciable assets with a cost of less than $20,000 that a small business makes between 1 July 2023 and 30
June 2024 can potentially be written-off in the year of purchase. It’s a major cashflow advantage because the tax deduction can be taken in
the year of purchase instead of over a number of years.
To be eligible, the asset must be first used, or installed ready for use, for a taxable purpose between 1 July 2023 and 30 June 2024. For
example, you cannot simply have a receipt for an industrial fridge, it must have been delivered and installed to be able to claim the
write-off in 2024.
The write-off threshold applies per asset, so a small business entity can potentially deduct the full cost of multiple assets across the
2024 year as long as the cost of each asset is less than $20,000. A Bill to extend the instant asset write-off threshold increase to 30 June
2025 is currently before Parliament.
While keeping assets the best option for many, it’s important to ensure that you’re in the best possible position.
Is a financial services compensation payment to your superannuation fund considered as a contribution?
New legislation will help prevent superannuation assets from being hidden during divorce proceedings. From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.
Australia’s two largest states and the ACT are in lockdown as the Delta strain of COVID-19 takes its toll while others are standing firm on a policy of eradication. The result is a country at a policy impasse and divided by border restrictions.
In this issue we cover Australia's aging populations and what that means for your retirement planning
ONLINE Webinar Session
7 September // 1:00PM
While the suburb and area are important factors in property selection, many investors fail to identify some of the red flags that might weigh on a property’s potential for growth.
Australian shares started the FY22 year with solid gains. Bond yields fell sharply, resulting in favourable returns from fixed income markets too.
On 24 August 2021 the Commercial Tenancy Relief Scheme Regulations 2021 were updated offering a wider eligibility catchment.
In simple terms, if you have been previously ineligible for rent relief, you may now be in a position to receive financial reprieve.
To have the retirement of your dreams, you must plan ahead. The bonus is, the sooner you start thinking about your retirement life, the better opportunity you have of making those dreams a reality.
If you can’t work because you or someone in your household is impacted by COVID-19, support is available. There are three types of payments accessible to individuals who have lost work because of the pandemic.
UPDATED 6 Sept 2021: The Small Business COVID-19 Hardship Fund program offers grants of $20,000 to eligible small and medium businesses, including employing and non-employing businesses. This program will allow more businesses who have previously not received support, to receive financial relief now.
Helping you lead & manage your business better. A webinar in collaboration with Mornington Peninsula Shire Council as part of their Small Business Workshops.
Set your kids up for financial success by teaching them about money and taking care of your own financial wellbeing.
Your tax refund can seem like winning the lottery. But it's not - it is your own hard-earned cash. So how can you make it work as hard for you as you did earning it?
"I'm totally covered.......through my super fund." If this is you, you might want to think again.
While everyone loves talking about property in Australia, the reality is that few people are experts. Here are some of the most common property investment myths plus some good ideas to consider.
Taking care of your mental health during lockdown periods becomes really essential. Shared by Simon Fraser University Health & Counselling Services: 25 tips to help you and your loved ones navigate this time.
Now that the new financial year is here, it’s time to start looking at all the ways you can make the most of your investment property. If you want to claim your expenses on your rental property, it’s vital that you have good records.
When property markets are hot, vendors often choose to go to auction to try and attract the very best price they can. However, many vendors are open to accepting an offer prior to the start of the auction itself.
Economic indicators have been generally positive recently, although the implementation of various lockdown restrictions nationwide are clouding the outlook.
The Victorian Government has announced new cash grants for businesses impacted by the lockdown declared on 15 July 2021. (Updated 6 Sept)
Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes - but this is not always the case.
If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.
If you can’t work because you or someone in your household is impacted by COVID-19, support is available.
If your business has been adversely impacted by the recent lockdown in NSW, support is coming.
With the spring selling season just around the corner and property markets looking very strong, many potential sellers are looking at ways to spruce up their homes.
Overall news flow remained supportive of risk assets including equities and credit and enabled most major share markets to make positive progress.
If your current lender is not prepared to give you a better deal then it might be well worth taking the time to speak with a mortgage broker to find a lender that will. Here’s how to refinance your current home loan.
In the past 12 months we have seen record numbers taking out fixed-rate home loans. Particularly during COVID-19 times, it's worth considering what might happen with interest rates in the future and whether that means you too should think about a fixed-rate home loan.
The RBA has made it known that interest rates are likely to stay low for a while yet; however, there is increasing evidence to suggest that they will need to rise sooner rather than later.
There are a few changes earmarked for superannuation commencing 1 July 2021. These changes will impact both employers and employees. Read the details here to know what's expected.
Whether you’re a first-time home buyer looking to find your feet or a refinancer looking for certainty, there are clearly several factors to consider when shopping for a home loan.
Buying a residential property versus purchasing an investment property involves entirely different considerations. Here are the vital criteria to be on look-out for when selecting the right home loan for your investment property purchase.
A mortgage offset account is among the top home loan features available. And using one correctly can significantly impact your monthly repayments and how much you end up paying for your loan.
If you have a home loan, there are many reasons you may consider refinancing. That could include wanting to borrow more, access different home loan features or simply to get a better interest rate. We explore the more common reasons for refinancing, including a few you may not have thought of.
.jpg)
There are several reasons motivating homeowners to refinance. It could be to achieve a lower interest rate or move from a fixed rate to a variable rate loan or vice-versa. If you’re thinking about switching loans, you need to consider the costs of any penalties – if relevant – versus any savings you stand to make.
Borrowing capacity is the amount of money a lender or mortgage broker is willing to extend to you to purchase a property. It is also a measure of your ability to make ongoing loan repayments.
It would seem SMSF loans have become an increasingly popular way to access the capital required to get a foothold on the property ladder.
Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers.
We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members). We’ve set out some of the common questions and answers.
The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term.
When an accountant talks about Tax Planning what do they actually mean? As part of our tax advisory service we always offer strategic tax advisory, but it's important to note there are a lot of things that accountants cannot implement after June 30.
Small brewers and distillers will benefit from $255 million in tax relief to support more jobs and investment as part of the 2021-22 Budget.
Tax planning is more than just a financial necessity—it's a strategic advantage for businesses of all sizes. By proactively managing your tax strategy, you can significantly reduce your liabilities, enhance cash flow, and ensure full compliance with ever-evolving tax regulations.
