by Abacus Angels | Jun 10, 2019
Instant Asset write-off thresholds
The Instant asset write-off threshold for small businesses with a turnover of up to $50 million has been increased from $20,000 to $30,000, and has been extended through until June 2020. This means that you can claim the entire cost of the asset up front rather than depreciating it over numerous years.
Businesses with a turnover of up to $50 millionread more...
by The Abacus Angels | Jun 5, 2019
When it comes to claiming work related expenses there can be a lot of confusion over what can and cannot be claimed.
These are some simple rules that you should keep in mind for claiming expenses relating to your employment:
by Michelle Adams | Jul 6, 2016
1. Our mission is to legally maximise your refund
Tax Season is a much loved time of year for the majority of individuals. Where the hours spent pondering about what you will purchase with that awesome tax refund we scored you finally come to life. We know how precious your refund can be. That’s why we always claim as much as we legally can for each individual, understanding each occread more...
by Michelle Adams | Mar 11, 2016
Now, we don’t want to frighten you but the ATO are resembling more closely every day a fly on the wall of your financial secrets chamber. Following are five data sources that the ATO are increasingly gaining access to and investigating;
If you’re scoffing at this one, laughing uncontrollably as you’re ‘pretty positive’ you’re in some sort of &lread more...
by Michelle Adams | Dec 4, 2015
As you would probably know from being caught out before, the dreaded FBT has a one way attraction with gifts, entertainment and other benefits. For a Small Business employer, there is an effective 40% added cost to provide a tax deductible benefit that is subject to FBT compared to a non-deductible benefit that is exempt from FBT.
Thankfully though, Santa’s elves have left some sneakread more...
by Michelle Adams | Nov 11, 2015
We all tell ourselves; ‘I’m an entrepreneur. I’m innovative, efficient, knowledgeable, tech savvy... what can an Accountant do for me that I can’t do myself …and for a fraction of the price?’ We’ve all been there right?
Many small business owners start out cutting corners by doing their own tax returns, in addition to doing just about everything eread more...