Fuel Tax Credits

  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 […]

Instant asset write-off increased and extended

  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 […]

Check your supplier’s ABN

  Check your supplier’s ABN   Attention – Business Owners   It is important that every business making a payment should check the validity of their suppliers ABN to ensure:   1. Suppliers have provided a valid ABN that belongs to them. 2. That the supplier is registered for GST and allowed to charge GST. […]

Property genuinely available for rent

    Expenses may be deductible for periods when the property is not rented out, providing the property is genuinely available for rent – that is:   • The property is advertised, giving it broad exposure to potential tenants • Considering all the circumstances, tenants are reasonably likely to rent the property.   The absence […]

Taxable Payments Annual Report (TPAR)

  Taxable payments annual report (TPAR)   Does your business operate in cleaning, courier or building industry? As of 1 July 2018, you’ll need to record payments to cleaning or courier contractors or subcontractors, and lodge a Taxable payments annual report (TPAR) each year with ATO on an annual basis.   You may need to […]

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