The ATO has recently reminded small businesses of the expanded tax concessions potentially available to them, as outlined below: The pending increase in the small business instant depreciating asset write-off to less than $25,000 (as discussed in further detail here). … Read More
Division 293 assessments The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabilities relating to the 2018 income year. Division 293 imposes an additional 15% tax on certain concessional (i.e., taxable) superannuation contributions. … Read More
The Government has announced it intends to introduce legislation to improve the ability of small businesses to offer employee share schemes by simplifying the current regulatory framework, and reducing the time and cost burden for businesses by (amongst other things): … Read More
The ATO has advised that it will send SMS text messages directly to taxpayers where incorrect bank account details were included in their tax returns and they were entitled to a refund. The SMS will advise impacted taxpayers that: their … Read More
In this Issue: Christmas Holiday Business Closure Super Contributions from Downsizing ATO to send text messages if bank account details incorrect Has your life changed in 2017? Tax Profile: Amusement, Fitness, and Sports Centre Personnel Christmas Joys ATO data matching … Read More