Month: June 2015

Instant asset write off – the Act temporarily increases the threshold below which small businesses can claim an immediate deduction for the cost of assets from $1000 to $20,000. The increased threshold of $20,000 applies from 7.30pm (AEST), on 12 May 2015 until Friday 30 June 2017.

The new Act also reduces the company tax rate from 30 per cent to 28.5 per cent for companies that are small business entities with an aggregated turnover of less than $2 million from the 2015-16 income year. The corporate tax rate for companies that have an aggregated turnover of $2 million or more remains at 30 per cent.

Contact Julian from JAG Accountants for all your business and tax questions on 0408 033 696 or email [email protected] to make an appointment at our Williamstown or Flemington Offices.

The end of the 2014/15 financial year is fast approaching, so now’s the time to review what strategies you can use to minimise your tax.

• Qualify for a Government Co-Contribution

If your total income is less than $49,488 you may be eligible for a super co-contribution from the Federal Government. For each dollar in personal after-tax super contributions, the Government will contribute from 50 cents up to a maximum co-contribution of $500 for those earning less than $34,488. For the purposes of this test, total income is assessable income plus reportable fringe benefits plus reportable employer superannuation contributions, less allowable business deductions. Please contact us to verify that you can meet all the eligibility criteria for the Government Co-Contribution.

Contact us before the 30 June 2015 deadline for assistance to reduce your tax!

Email: [email protected] or call  Julian on 0408033696

 

This information is general nature and does not take into account your individual needs and objectives.

Please do not act on any information before seeking advice from a qualified Accountant and a licensed Financial Planner.