The Victorian Premier, Mr Daniel Andrews, has announced that stamp duty will be abolished for first home buyers for purchases below $600,000. Further, those buying a home valued between $600,000 and $750,000 will be eligible for a concession applied on a sliding scale. The exemption and concession will apply to both new and established homes. The [...]
The ATO has released a report on findings from consultation on its paper “Proposed changes to penalties for small businesses and individuals”. The ATO is proposing to offer “one chance” before applying a penalty to eligible small businesses and individuals for false and misleading statements and for failure to take reasonable care failure to lodge on [...]
The Social Services Legislation Amendment Bill 2017 has been introduced by the government into the Senate and passed without amendment. The Bill has subsequently been introduced in to the House of Representatives. The Bill contains the following three measures from the original Social Services Legislation Amendment (Omnibus Savings and Child Care Reform) Bill 2017: • Indexation [...]
As there is a lot of discussion about the immediate write-off for small businesses we have summarized the key facts below. The write-off threshold was previously $1,000 and the concession only applies to businesses with an aggregate annual turnover of less than $2 million. Key Conditions For The Immediate Write Off: The Asset must be used [...]
