As the EOFY is fast approaching, the team at Rittwatchman & Associates wanted to provide some assistance and guidance to help you streamline your tax compliance and obligations. Below are some fundamental checklists that you can use to ensure that you and your business is...
Summary of the May Budget Announcements Personal Taxation Seven-year reform for personal income tax rates to start from 2018-19 and ATO has decided not to process with Medicare levy tax rise. Business Taxation The ATO has extended the $20,000 instant asset write-off for SBE’s by 12 months;...
The Australian Government has introduced some positive improvements for Primary Producers in the recent budget announcements: Improving the Farm Management Deposit Scheme From the 1st July 2014, the ATO are raising the non-primary production income threshold from $65,000 to $100,000. The new tax laws have changed to allow...
The ATO has issued a statement in response to a decision of the Administrative Appeals Tribunal (AAT) which ruled that a taxpayer that owns and manages a number of retirement villages was entitled to a deduction for payments it was contractually required to make to...
The Government is reforming the taxation of employee share schemes to bolster entrepreneurship in Australia and support innovative start-up companies. It said the changes to the tax treatment of employee share schemes that were introduced by the former Government in 2009 have effectively brought to...
Parliament has passed legislation which will implement a 2015 Budget measure to reduce the company tax rate from 30% to 28.5% for companies that are small business entities with an aggregated turnover of less than $2 million. Those companies with aggregated annual turnover of $2 million...
Log in Our new client portal makes approving forms so much simpler and streamlined than ever before. You can access BAS's & tax returns via the portal and approve them electronically with a click of a button. This new process is recognised by the ATO and...
Did you know that primary producers are provided with special tax concessions due to the nature of their business? There are major tax concession available in regards to some depreciating assets. A depreciating asset is an asset that has a limited effective life and can reasonably...
Some of you may have heard of SuperStream, others may be wondering what it is? Basically the ATO are looking to simplify how employers make superannuation contributions for their employees while saving time and reducing costs. So what is SuperStream? SuperStream is a government reform aimed at improving...
Over the last six months Amanda Watchman has been attending a marketing course for our business and as a part of her course requirement, we as a team had to come up with a new tagline for the practice that summarises what we are all...