Blog Archives

ATO issues advice on $20,000 immediate asset deductibility for small business

The ATO has published guidance on the Government’s proposal to allow small business to immediately deduct each asset that costs less than $20,000. Deputy Commissioner Steve Vesperman said while legislation to give effect to the proposal has not yet been

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Tax 2015 – Overview of key changes

Overview of key changes There are a number of key changes you need to be aware of this tax time. Temporary budget repair levy Mature age worker tax offset abolished Net medical expenses tax offset phase-out Medicare levy increase Dependent

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The $20,000 Trap by Max Newham, Sydney Morning Herald

The federal government’s 2015 budget included some unexpected good news for small business owners. However the immediate tax deduction for assets costing less than $20,000 purchased by eligible small business owners could be lost if finance is used. Q. I

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Budget 2015: Billions for small businesses the centrepiece as Hockey urges Australians to ‘have a go’

A multi-billion-dollar small business boost, a crackdown on welfare, a tax system focused on “fairness” and mounting deficits have been laid out in the Abbott Government’s second federal budget. It has been described by Treasurer Joe Hockey as the budget

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Federal Budget: Special tax zone benefits stripped from FIFOs

Unions have reacted angrily to the loss of FIFO remote area tax benefits announced in the Federal Budget on Tuesday. FIFO employees are set to lose between $57 and $1173 a year in their Zone Tax Offset allowance, depending on the

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What does SuperStream Data Reform mean for your business?

The Australian government is introducing a new SuperStream data and e-commerce standard which will begin in stages as of July 2014. SuperStream is a package of reforms designed to improve the Australian superannuation system. The most important changes include: a

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Small Business CGT Concessions

What CGT Concessions are available to Small Businesses? If you operate a small business there are a number of CGT concessions available to you in the event that you dispose of your business. These are in addition to the general

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Strategic Exit Planning Tips for CGT Reduction

It is too late to worry about CGT once you sell your business so proactive planning well in advance is vital to minimise tax payable. Strategic Exit Planning Tips for CGT reduction: The small business CGT concessions provide the most

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Testimonial – Fusion Living

We started working with ABA when setting up our business years ago; Nicole was a solid sounding board during due diligence and business planning stage as her personal experiences setting up businesses shines through proofing useful guidance and practical advice.

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