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Why 90,000 more businesses can access the $20,000 instant asset write-off this year

Why 90,000 more businesses can access the $20,000 instant asset write-off this year

The popular $20,000 instant asset write-off for small business entities, which enables small businesses to immediately write-off depreciable assets costing less than $20,000, is now accessible to 90,000 more businesses. Until recently, this instant write-off was only accessible to businesses with an aggregated turnover of less than $2 million, however following a last minute deal struck between the government and…read more →

Budget Update

Budget Update

The Treasurer handed down the Budget 2017/18 at 7.30pm on Tuesday 9 May 2017. In short, the Budget proposes a series of measures targeting gaps in healthcare, first home ownership, foreign workers, investments and bank accountability. It also delivers $75 billion in infrastructure projects. Key Budget measures include: Business Extension of the $20,000 immediate deduction until 30 June 2018; Contractors in…read more →

Government passes superannuation changes

Government passes superannuation changes

In November 2016, the Senate passed a series of the broad ranging superannuation reforms originally proposed in the Federal Budget. The Treasury Laws Amendment (Fair And Sustainable Superannuation) Bill 2016 and the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016 passed the Senate without amendment. Summary of the changes: Introduce a $1.6 million cap on the amount of capital that…read more →

ACNC Tick of Charity Registration

ACNC Tick of Charity Registration

The Australian Charities and Not-for-profits Commission (ACNC) has introduced a new logo, the Tick of Charity Registration, for use by eligible registered charities. The Charity Tick aims to give reassurance to the public that a charity is transparent and accountable by highlighting its presence on the ACNC Charity Register. Charities who are overdue in providing their yearly reporting to the…read more →

myDeductions Tool

myDeductions Tool

The Australian Taxation Office’s (ATO) free myDeductions tool is a useful resource for both individuals and sole traders. Individuals can save themselves time and effort by keeping their tax deductions organised. Sole traders can use the tool to keep track of income and expenses. To access the tool you will need to download the app to your smart device and…read more →

Reminder – registered charities to complete and lodge the 2016 AIS by 31 January 2017

Reminder – registered charities to complete and lodge the 2016 AIS by 31 January 2017

If your charity uses the standard reporting period of 1 July to 30 June, you will need to submit your 2016 Annual Information Statement with the Australian Charities and Not-for-profits Commission (ACNC)  by 31 January 2017. The ACNC provides a range of free resources to make the submission process easier for all registered charities, including a checklist, a draft worksheet…read more →

Industry standards on telemarketing

Industry standards on telemarketing

Did you know that there’s a standard that all organisations (including registered charities) must follow when making telemarketing and research calls? The Australian Communications and Media Authority (ACMA) administers the Telemarketing and Research Industry Standard. Registered charities are exempt from Do Not Call obligations, meaning they are allowed to conduct telemarketing to numbers on the Do Not Call Register, however…read more →

Annual GST returns due

Annual GST returns due

If your not-for-profit (NFP) organisation has elected to pay and report its GST to the Australian Taxation Office (ATO) annually, you must do so by 28 February 2017. Your organisation can choose to report and pay GST annually as long as it: is not required to register for GST, and has not elected to pay GST by instalment amounts. Your…read more →

Holiday Closing

Holiday Closing

The team at Steven J Miller & Co would like to take this opportunity to wish you all the best for the holiday season and we look forward to working with you in 2017. The office will be closed from midday on 22 December 2016 and will re-open on Thursday 12 January 2017.

Bringing on Christmas expenses

Bringing on Christmas expenses

It’s easy to spend too much at Christmas. If you are splurging on clients, to be a legitimate business expense and therefore deductible, the expense has to be related to how your business generates income. So, excessive expenses may draw the attention of the regulators and the deduction denied. If you are hosting client functions, inviting them to lunch, or…read more →