March 2020 Newsletter
- Instant asset write-off thresholds change 01/07/2020
- Superannuation Guarantee amnesty bill passes Parliament
- Beware shortfall of a will in SMSF planning
- What tax deductions can home owners use to help with their mortgage?
- Employers need to lodge a finalisation report by 14/07/2020
- Business Hub Online Portal replaces Centrelink Business Online Service (CBOS)
Using the simplified depreciation rules, assets costing less than the relevant instant asset write-off threshold are written off in the year they are first used, or installed ready-for-use. This threshold applies to each asset irrespective of whether the asset is purchased new or second-hand.
Despite superannuation being the largest asset most Australians hold, many are not prepared on how to pass it on to the next generation, an industry expert warns.
In a conversation with nestegg, Hall & Wilcox senior associate Sam Baring explained how SMSFs members need to take precaution in passing on their money.
The 2019 – 2020 financial year saw the introduction of Single Touch Payroll for all small employers (those with less than 20 employees) which meant employers needed to start providing Wages, PAYG tax and superannuation information in an electronic format to the Tax Office.
Business Hub Online Portal replaces Centrelink Business Online Service (CBOS)
Announcements:This month we wish a Happy Birthday to Margaret.
Business Assistance Program
One month left for AUSkey
Now is the time to move to myGovID and Relationship Authorisation Manager (RAM). You will not be able to use AUSkey after 11.59pm AEDT on Friday 27 March.