Author: Peter Scioscia

March 2018 BAS Deadline Extension

26 May Lodge and pay eligible quarter 3, 2017–18 activity statements if you lodge electronically. This is the extended deadline for BAS clients we lodge electronically. So if you haven’t done your latest BAS please contact us to arrange a time to get it processed and lodged. Most of out accounting clients are on Xero so we…

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The ATO does have a heart!

So, the ATO does realise the pressure it puts on accountants and taxpayers with the never-ending deadlines! Here is an extract of its recent decision regarding lodgement deadlines for SMSF’s for the 2017 financial year: This week the ATO announced that it will extend the due date for lodgment of self-managed superannuation fund (SMSF) annual…

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Deloitte finally sees the light of what I have said for ages!

Looks like someone has bugged my office as I have said this sort of thing for ages when it comes to the best types of employees. TAFE NSW has partnered with an accounting software provider in a bid to expose its students to a broader range of workplace tools to add “hands on” experience to…

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Rental Properties -No more deduction for travel expenses

From 1st July 2017 the government will disallow deductions for travel expenses related to inspecting, maintaining or collecting rent for residential rental property. This measure will not prevent investors from claiming a deduction for costs incurred in engaging third parties, such as real-estate agents, for property management services.

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First home superannuation saver scheme

Voluntary superannuation contributions of up to $15,000 per year, and $30,000 in total, can be contributed by first homebuyers from 1st July 2017. The contribution must be within existing concessional and non-concessional contribution caps. Concessional contributions and their earnings will be taxed at 15%. These contributions can then be withdrawn, along with associated deemed earnings,…

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$20,000 immediate write-off for small business

  The government has extended the concession for small businesses with an aggregated annual turnover of less than $10 million until 30th June 2018 for this incentive. This means that small businesses we be able to immediately deduct purchases of eligible assets costing less than $20,000 first used or installed ready for use by 30…

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