May 2015 Tax Talk – Business Accountants Cairns

By 1 May, 2015News
Read The Full May 2015 Tax Talk Here

In this issue of Tax Talk, we cover:

2015 Budget Small Business Highlights

Tax Cuts For Small Business meaning that small businesses will pay a reduced tax rate of 28.5%, with larger businesses sticking to %30.

Changing Legal Structure in a small business will no longer attract capital gains tax liability at that point.

Immediate Tax Deductions for small businesses on items valued less than $20’000 that have begun use, or installed ready for use.

Immediate Deductibility For Professional Expenses will be allowed from the 2015-2016 Financial Year, including new business start expenses, legal, and accounting advice.

Changes To The Fringe Benefits Tax System For Work-Related Electronic Devices means that small businesses will have FBT exemption for employees with one qualifying portable work device.

Is Your Business Ready For SuperStream? The 30th of June, 2015, is the SuperStream deadline for medium to large employers. After that point, you must be SuperStream compliant. Small employers have until June 30th 2016 to be ready. If you need assistance preparing your company for the SuperStream deadline, in any sense, please contact our team.

eBay Data Will Be Collected By The ATO from July 1st 2013 to June 30th 2014. This data will be matched with certain sections of ATO data to determine whether individual taxpayers have undeclared income gained from online selling, and incorrect GST lodgement.