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ASIC Annual Review

 

Every company has an annual review date, usually the same date it was registered. Shortly after this date, Australian Securities & Investments Commission (ASIC) will issue an annual statement and an invoice. Companies must pay annual review fee to keep the entity registered.

 

Business owners can check the review date for a company on ASIC’s Organisation and Business Names search. You will need to provide an Australian Company Number (ACN) to do the search.

 

If you don’t pay the annual review fee in time, you may need to pay additional fees.

 

ASIC fees are not subject to GST. Note – ASIC annual review fees are deductible on tax return.

 

Expert Tax are registered ASIC agents. We offer range of services to manage your ASIC accounts including submitting forms for making changes.

 

Expert Tax also offers services to manage your ASIC correspondence at a small annual fee to ensure you don’t miss any correspondence from ASIC.

 

Contact Expert Tax on 0449 952 855 or 1300 8 MY TAX (1300 869 829) for further assistance.

 

 

 

Fuel Tax Credits

 

Businesses can claim credits for the fuel tax, which is excise or customs duty, included in the price of fuel they acquire and use in business activities in machinery, plant, equipment and heavy vehicles.

 

Some eligible activities include road transport, construction, manufacturing, agriculture, fishing, forestry, electricity generation, landscaping, panel beating, cement kilns, quarrying, and industrial furnaces.

 

In fact, most businesses can claim fuel tax credits. The rate that varies depending on the fuel used and business activity.

 

Examples of fuels eligible for fuel tax credits include petrol, diesel, kerosene and LPG. Some fuels aren’t eligible such as fuel you use in light vehicles of 4.5 tonne gross vehicle mass or less, traveling on public roads. A business must be registered for both GST and fuel tax credits before claiming fuel tax credits.

 

Contact Expert Tax on 0449 952 855 or 1300 8 MY TAX (1300 869 829) for further assistance.

 

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Instant asset write-off increased and extended

 

Attention – Business Owners

 

The threshold has increased to $30,000, and has been extended to 30 June 2020.

 

The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.

 

Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds:

 

• $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020

 

• $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019

 

• $20,000, before 29 January 2019.

 

Businesses can’t immediately claim a deduction for individual assets that cost $30,000 or more. They can continue to deduct these over time using the small business pool or the general depreciation rules, depending on their turnover.

 

For further assistance contact Expert Tax on 0449 952 855 or 1300 8 MY TAX (1300 869 829)

 

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