Accounting & Wealth Insights

As 30 June 2017 is fast approaching, we have briefly summarised the important tax changes to remember when collating your tax information.

With 30 June fast approaching, we revisit our series on tax deductions for employees in specific industries. We explore the common tax deductions for employees working as cleaners.

From 1 July 2017, Simpler BAS will be the default GST reporting method for small businesses with a GST turnover of less than $10 million.

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.