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Archive for month: April, 2016

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Inactive Trust – Cancellation of ABNs

April 13, 2016/0 Comments/in Uncategorized /by Chloe Sircelj

The ATO will be cancelling ABNs of approximately 220,000 trusts where they believe the trust are no longer carrying on an enterprise.

This decision will be based on information available about the last two years, and if the trust has no lodged BASs and or/trust income tax returns.

 

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Company Tax Reduction

April 13, 2016/0 Comments/in Uncategorized /by Chloe Sircelj

From the 1st July 2015, company tax has been reduced from 30% to 28.5%

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Instant Asset Write Off

April 13, 2016/0 Comments/in Uncategorized /by Chloe Sircelj

Small businesses can now write off assets 100% if they were purchased between 7.30am 12th May 2015 and 30 June 2017. Assets must not cost more than $20,000.

The threshold will return to $1,000 from the 1st July 2017.

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