planning

Tax Planning

If you don’t know where you’re going, any road will get you there. So where do you want to go? Up-To-Date Accounting can help you decide...

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Business Growth

By understanding your personal and business needs, we can provide you with tailored solutions to ensure your goals are met...

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asset protection

Asset Protection

When you’ve worked so hard for everything you have, the last thing you want is to leave it at risk. Maximise the protection...

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succession

Succession

As a business owner you need to think about who will take over if you choose to retire, travel overseas or simply step back from the day-to-day operations...

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Coronavirus - Support for businesses through business investment

In order to help businesses invest and help the economy through Coronavirus, there are 2 measures which have been introduced which are incentives for businesses who purchase assets.

 

Increasing the Instant Asset Write Off (IAWO)

+ The Government is increasing the IAWO threshold from $30,000 to $150,000.

+ Eligible businesses include those that have a turnover up to $500m

+ The threshold applies on a per asset basis, so eligible businesses can write off multiple assets

+ This is available for new or second hand assets used or ready for use until 30th June 2020

+ From 1st July 2020, the IAWO threshold reduces to $1,000

 

For more information, click here.

 

Backing Business Investment

The Government is introducing a 15 month investment incentive, which aims at accelerating depreciation deductions for the purchase of assets which are not eligible for the IAWO.

+ Eligible businesses must have a turnover of less than $500m

+ A deduction will be available for 50% of the cost of an asset (on installation)

+ Existing depreciation rules apply to the balance of the asset's cost

+ Ends 30th June 2021

 

For more information, click here.

 

We are here to help you. Please contact our office if you need any assistance!


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Recent Updates

07 April 2020
New working from home tax deduction ATO announces short cut method for claiming home office running costs The Australian Taxation Office ('ATO') has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Refer to t... More detail
07 April 2020
Coronavirus - Latest News New Working from Home Deduction + The ATO is announcing special arrangements this year due to COVID-19 to make it easier for people to claim a tax deduction when they are working from home. + The new arrangement will allow people to claim a rate of 80c per hour (commencing 1st March 2020) for all their running expenses, rather than needing to calculate costs for specific running expenses. + You... More detail
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  • Up-To-Date Accounting Services
  • PO Box 6161
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  • Up-To-Date Accounting Services
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  • Email admin@up-to-date.com.au