INCREASED INSTANT ASSET WRITE-OFF

For the period of 12 March 2020 to 30 June 2020, the instant asset write-off threshold has been increased from $30,000 to $150,000. Furthermore, businesses now earning an annal turnover between $50 and $500 million now have access to this increased instant asset write-off.

To qualify, any assets purchased will need to be used or installed ready for use from 12 March 2020 until 30 June 2020. The increased write-off amount will not apply for any asset purchased or only made ready for use prior or after this date. The asset must also have a direct relationship with the production of assessable income in the business.

For more information on the Increased Instant Asset Write-Off and other Stimulus Package measures please visit:

https://www.ato.gov.au/Business/Business-bulletins-newsroom/Medium-business/Instant-asset-write-off-expansion/

Please contact our office to speak to one of our accountants if you would like to discuss further. Langley McKimmie Chartered Accountants (03) 5427 8100. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

 

ENSURE YOU CLAIM YOUR SUPERANNUATION CONTRIBUTIONS FOR THE 2019-20 YEAR

Super payments are only considered to be paid for the purpose of claiming a tax deduction once they are received by the superannuation fund, not the date they are accepted by the Small Business Superannuation Clearing House (SBSCH).

To ensure you claim a deduction for the 2019-20 income year superannuation funds need to receive your employees’ super funds before 30 June 2020. Therefore payments need to be accepted by the SBSCH by 23 June 2020.

See below for link which explains this in more details:

https://www.ato.gov.au/Newsroom/smallbusiness/Super/Want-to-claim-a-deduction-for-super-contributions-/?sbnews20200527

Please contact our office on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

HAVE YOU CONSIDERED THE ALTERNATIVE TEST FOR THE JOBKEEPER PROGRAM?

If your business was not eligible for the Job Keeper program under the Basic Test there is an Alternative test for entities with different circumstances. As an example these circumstances may apply where you have purchased a new business, had irregular turnover, recently commenced business or even where the sole trader or small partnership has been effected by sickness, injury or leave.

If you would like to discuss further please call our office as soon as possible as the Job Keeper program enrolment closes on 31 May 2020.

We have listed a link below with more information:

https://www.ato.gov.au/General/JobKeeper-Payment/In-detail/JobKeeper-tests/Applying-the-turnover-test/?anchor=Alternativetest

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.