Accounting & Wealth Insights

The ATO will aim to finalise the majority of electronically lodged current year tax returns within 12 business days of receipt. This includes both individual and non-individual tax returns.

The Bill amends the accelerated depreciation rules for small business entities (SBEs) to extend by 12 months (from 1 July 2017 to 30 June 2018) the availability of an immediate deduction for depreciating assets, amounts included in the second element of a depreciating asset’s cost and general small business pools, where the amount is less than $20,000 (rather than $1,000).

The end of the financial year always seems to crop up faster than it should. Given the impending July 2017 superannuation changes, being on top of your end of financial year planning is as important as it has ever been.

Recently the Federal Budget included new strict reporting requirements for payments to contractors in the courier and cleaning industries with effect from 1 July 2018.

Deductions for travelling to a residential rental property will no longer be allowable for individuals after 1 July 2017. This removal is for individuals travelling to collect rent, maintain the property or complete an inspection.

The ATO has announced that it will extend the due date of lodgment of self-managed superannuation fund (SMSF) annual returns for 2015/16 to 30 June 2017.

The Federal Treasurer, Mr Scott Morrison, has handed down his second Budget (the government’s first of its three-year term) at 7.30 pm (AEST) on 9 May 2017. Mr Morrison said the Budget is focused on boosting the economy and households, so that “we live within our means and are able to return the Budget to balance in 2020/21”.