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Sharp Accounting Blog

With the 2016 budget fast approaching it is quite possible that there will be a few changes to the tax system specially focusing on reducing the superannuation tax concessions.

We have noticed that in the days leading up to the 2016 federal budget there has been a lot of talk in the media about the federal government reducing or limiting the tax concessions available in the current superannuation system.

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Yes it is here – the new financial year. For business, and for many individuals it has been a mad month in the lead up to this moment but we have made it. Phew….breathe a sigh of relief.

Ok, now you’ve had your moment….turn your mind to your tax return. Yes, that is what comes next.

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The new financial year will bring some new and very welcome tax breaks for small businesses.

From July 1 the 1.5% reduction in tax handed down by the Treasurer in the May 2015 Federal Budget comes into effect for incorporated companies with an annual turnover of less than $2 million per annum. The new tax rate will be 28.5%.

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One of the benefits for small business springing from the May 2015 budget handed down by the Federal Government is the proposed expansion of accelerated depreciation on assets from the previous $1000 threshold.

The proposal allows small businesses (with an annual turnover of less than $2 million) the opportunity to immediately claim their tax deduction on each new asset that cost less than $20,000. This measure applies to assets obtained after 7:30pm on Tuesday 12 May (until 30 June 2017). Sole traders and partnerships will need to seek further advice as they may be impacted by non-commercial loss rules and the new measure may will only apply if all the deductions from the business activity for the year exceed the income from that activity.

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The new tax breaks for farmers that were announced in the Federal Government’s May budget have been brought forward and are now effective immediately. These measures are aimed at assisting farmers to better prepare for times of drought.

Initially the tax breaks were not due to take effect until the 2016-2017 financial year meaning that farmers would not have been able take full advantage of the new measures until they lodged their 2017 tax return.

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