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Corporate Tax Rate Reduced for Small business

For the 2017 Financial Year, the corporate tax rate for small businesses was reduced from 28.5% to 27.5% and the aggregated turnover threshold to quality as a small business was increased from $2 million to $10 million. This reduces the income tax that corporate small...

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$20,000 Instant Asset Write-Off

The $20,000 instant asset write-off continues for small businesses until at least 30 June 2018. Small businesses with a turnover of less than $10 million can deduct the business portion of each capital asset they purchase that costs less than $20,000. The $20,000...

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Simplified BAS reporting

Simplified BAS reporting commenced from 1 July 2017 for small businesses with a turnover of less than $10 million. Small businesses will no longer be required to complete label G2 Export Sales, G3 Other GST-free Sales, G10 Capital Purchases and G11 Non-Capital...

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Single Touch Payroll

A new ATO initiative is called Single Touch Payroll (STP) which requires businesses and employers to report staff salaries, wages and PAYG withholding amounts to the ATO at the same time they pay their employees. It will be mandatory for employers with 20 or more...

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Tax Offset for Spouse Contributions

Tax offset for spouse contributions is now easier to access. If you contribute to your spouse’s superannuation fund, you are able to claim a maximum tax offset of $540. From 1 July 2017, the income threshold for the spouse has increased from $10,800 to $37,000 making...

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