DFK Crosbie Blog

Wednesday 22nd May 2019
Category: Business
Date:
By  Stephanie Oakley

The Instant Asset Write-Off has been extended to 30 June 2020 for assets purchased under $30,000.

The Instant Asset Write-Off affects small to medium businesses with a turnover of less than $50 million a year, allowing business owners to immediately deduct assets costing up to $30,000 which can then be claimed for tax return

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Wednesday 22nd May 2019
Category: Business
Date:
By  Stephanie Oakley

Single Touch Payroll (STP) is changing the way employers report their workers’ tax and super information to the ATO.

Employers are expected to report information on a variety of areas through software that offers STP reporting or third-party service providers.

Withholding amounts, superannuation liability information, ordinary

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Wednesday 15th May 2019
Category: Business
Date:
By  Stephanie Oakley

With the global business environment and potential competitors worldwide, every business action needs to have specific goals and purpose in mind to ensure long term prosperity.

Business owners should be able to answer the following questions with clarity and without any hesitation.

  • Do you have a clear strategy
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Monday 6th May 2019
Categories: Business | Tax
Date:
By  Stephanie Oakley

Knowing what you can claim from travel allowances and expenses can be difficult as in some cases, tax deductions from an allowance are to be withheld unless specified otherwise.

The reasonable amount of travel expenses is updated yearly and is based on job type and salary. On the occasion that you are required to travel overnight for work,

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Monday 29th April 2019
Date:
By  Stephanie Oakley

Self-managed super funds are closely monitored by the ATO to ensure regulations are being met across all areas. It is the responsibility of SMSF trustees to comply with all related super and tax laws.

The ATO is looking into a number of high-risk areas

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Wednesday 17th April 2019
Date:
By  Stephanie Oakley

An income stream from your self-managed super fund ensures regular, flexible and tax-effective income as a pensioner. These streams can be received as a series of benefit payments from your SMSF.

Income streams from an SMSF are usually account-based, which means that the amount allocated to the pension comes directly from a member’s

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Monday 15th April 2019
Category: Tax
Date:
By  Stephanie Oakley

Many property investors can access a wide range of tax deductions for their rental property and items subject to depreciation.

Property investors may not be aware of the number of items that can be tax-deductible, such as accounting, bookkeeping and tax expenses relating to the property. Here are some tips to help you maximise

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Wednesday 3rd April 2019
Category: Business
Date:
By  Stephanie Oakley

Goods and services tax (GST) is applied to most goods and services sold in Australia, taxed at a rate of 10%.

If you run a business, you are likely to have GST obligations, such as claiming credit for any GST included in the price of goods and services that have been purchased for your business. However, many businesses have expenses that

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Wednesday 3rd April 2019
Category: Business
Date:
By  Stephanie Oakley

The 2019 Federal Budget focuses on rewarding working Australians, with the emphasis on a two-pronged approach for “hard-working”  individuals.

 

Individual taxes:

From the 2018-2019 income year, the low and middle-income tax offset (LMITO) has been increased by $550. This now means individuals

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Wednesday 3rd April 2019
Category: Business
Date:
By  Stephanie Oakley

The vocational education and training (VET) sector is receiving an investment of $525 million over a five year period to equip workers with the skills they need.

 

Additional Identified Skills Shortage Payment 

The Additional Identified Skills Shortage Payment has been created to support up to 80,000 new

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