Newsletter; 2020/2021 Budget Update (your five minute guide) Please find below a summary of the some of the more relevant budget announcements that affect taxation. 2021/2022 individual tax rates (also proposed to be backdated to 2020/2021) Taxable income range Marginal … Continue reading
July 2020
Newsletter: STP finalisation (no more payment summaries) When you report and lodge a finalisation declaration under Single Touch Payroll, you are exempt from lodging a payment summary annual report and providing payment summaries to your employees (employees can access their … Continue reading
March 2020 – Coronavirus
Newsletter; Coronavirus Cashflow assistance for employers Small and medium businesses with a turnover of less than fifty million dollars will receive a credit based on their PAYG withholding liability. Quarterly lodgers: Quarter Amount Timing Minimum Maximum March A credit equal … Continue reading
January 2020
Newsletter: Land tax changes From 1 July 2020, there will be new lower land tax rates and increased thresholds. Land tax is based on the site value of the land, which does not include buildings or other improvements. A person’s … Continue reading
December 2019
Newsletter: Deductible donations Anyone who makes a donation over two dollars to an organisation that is registered as a deductible gift recipient (DGR) can claim it as a tax deduction. Most charities advertise their DGR status but you can search … Continue reading
October 2019
Newsletter; Rental property depreciation & capital works deductions Rental property depreciation deductions From 10 May 2017, the government stopped depreciation claims for “previously used” depreciating items (fridges, ovens, dishwashers, etc). This means that you cannot claim depreciation on: – Items … Continue reading
