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

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

GST on Settlement of Residential Property The Australian Taxation Office (ATO) has announced changes to the way GST is collected at settlement. According to the ATO, those purchasing new residential premises or potential residential land who are required to withhold part of the purchase price for payment (to the ATO) must submit a number of online forms. These forms include: GST property settlement withholding notification: This form ... More detail