Up-To-Date Accounting Services | Improving Your Financial Performance

Payments to suppliers who don’t quote an ABN - Changes are coming...don't get caught out! ***Changes are coming***From 1st July 2019, any payments made to contractors (or any other suppliers for that matter), who do not quote an ABN and where the payer has not withheld tax under the “No ABN Withholding” requirements, will no longer be tax deductible.This is a huge change and the impact can be significant to businesses who are unaware of the rules.So lets cover some of the ABN basic... More detail

Claiming the $20,000 instant asset write-off Businesses with an annual turnover less than $10 million (from 1 July 2016) can claim the $20,000 instant asset write-off. Eligible businesses can take advantage of the instant asset write-off for the business portion of their assets, providing they bought and installed the assets for less than $20,000 each. Avoid underclaiming by applying the simplified depreciation rules. Always ensure to writ... More detail