Uncertainty over instant asset write-off leaves SMEs and accountants in the lurch
As EOFY approaches, accountants are struggling to advise SMEs on the $20,000 instant asset write-off, which is stuck in legislative limbo.
How Ed Husic’s proposed company tax reforms could work
Minister for Industry and Science Ed Husic's comments on reforms to the company tax touched on three important points, including changing the system itself.
“Nasty negativity”: Chalmers slams opposition over $20,000 instant asset write-off delay
Treasurer Jim Chalmers has blasted the federal opposition for allegedly holding up the passing of the $20,000 instant asset write-off scheme.
Husic’s company tax cut plan would mean more cash for SMEs: MYOB
Slashing corporate tax rates would free up cash for SMEs, allow them to invest further in their businesses and drive "critical innovation", according to MYOB chief executive Paul Robson.
Five smart moves for SMEs to maximise tax deductions this EOFY
Many business owners aren’t aware that deductions could make a significant difference to their tax refund, explains Leanne Berry of MYOB.
Government to change laws about how ‘on hold’ tax debts are handled
The budget measure comes months after the tax office paused a letter campaign that involved telling small businesses owners that it may seek to recover ‘on hold’ historical tax debts.
ATO to receive $187 million to combat tax and superannuation fraud
The Australian Taxation Office has been given $187 million in new funding to bolster its defences against tax and superannuation fraud.
Budget 2024: Australian sole traders most want to see tax relief in the budget
In a survey of 500 sole traders, conducted by accounting platform Hnry in March the lead-up to the 2024 federal budget, tax relief took the top three spots on the list of measures these small business owners would most like to see in the budget papers.
Budget 2024: $20,000 instant asset write-off extended again almost 10 years after is started
Small businesses will have another 12 months to access the instant asset write-off, with the government set to extend the measure in Tuesday's budget.
Victorian budget: Payroll tax threshold to lift to $900,000 on July 1
The Victorian government has re-announced upcoming changes to payroll tax for the state's businesses, with the first of two increases to the payroll tax-free threshold due to take effect on July 1 this year.
Make or break tax breaks: BDO’s 2024-25 federal budget prediction
Ahead of the budget, Mark Molesworth of accounting firm BDO says tax reform requires more than just the tinkering of tax breaks, thresholds and rates.
ATO reveals focus on WFH deductions, rental errors, and incomplete income this tax time
Dodgy work-from-home deductions, rental property errors, and miscalculated income continue to vex the Australian Taxation Office, which has warned taxpayers to pay special attention to this year's claims.
