January 30, 2019
Yesterday, The Morrison Government announced its intention to increase the instant asset write off to $25k.
The write off will be for small businesses with a turnover of below $10m and will be available until 30 June 2020.
This is a great outcome for small businesses and will allow small businesses to bring forward their deductions for assets, improves cashflow and simplifies their record keeping obligations.
The government will attempt to legislate the changes when parliament resumes on 12th February 2019.
- 2018/19 Year-end Individual Tax Return Checklist
- ALP Key Tax Policies
- ATO warning regarding annual leave loading and OTE
- Fast-tracking tax cuts for small and medium businesses
- How financial advisors can build trust
- Instant asset write off to be increased to $25k
- Major changes to director penalty notices now effective
- New rules for immediate write-offs
- Onboarding your new employee
- Proposed expansion of STP to smaller employers
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