Government Has Announced New Tax Cuts

The Government has announced the acceleration of further tax cuts for small and medium businesses. A second round of tax cuts will be fast tracked to 2021-2022 delivering a new 35% tax rate five years earlier than originally planned.

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ATO warning issued about ‘dodgy claims’

The Australian Taxation Office has warned that it will be focusing its resources on 'dodgy claims' in 2018. The particular area it will be paying extra scrutiny to is work related expenses and it says that more than 360,000 reviews will be conducted this year....

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ATO Launches Voice Authentication

  Australians can save time on the phone to the ATO Did you know the ATO receives around 8 million calls per year from the community and for about 75% of these calls they need to ask the caller to verify their identity. Australians contacting...

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Quarterly SMSF statistical report released

The ATO has released its quarterly self-managed superannuation fund (SMSF) statistical report for June 2014. According to the report, there are estimated to be more than 534,000 SMSFs with total assets of $557 billion, an increase of 6 and 12.5 per cent respectively since June...

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Eligibility Changes for the Lower Company Tax Rate

  Changes to the lower company tax rate are now law.  This means the definition of a base rate entity has changed by replacing the "carrying on a business" requirement with a passive income test.  From the 2017-2018 income year, a company will be a...

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Immediate Tax Reduction

  IMMEDIATE TAX DEDUCTION FOR ASSETS COSTING $20,000 OR LESS Parliament has passed legislation to temporarily increase the threshold for which small businesses can claim an immediate deduction for the cost of assets from $1,000 to $20,000. This increase in the threshold applies only to...

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