Posted by Team AVS on 29 Oct, 2020 0 Comments
The extension of the instant asset write-off from $30,000 to $150,000 until 31 December 2020, as part of the Federal Government’s COVID-19 stimulus measures, provides an opportunity to look at its application to motor vehicles.
Note that in addition to the higher write off amount, the business turnover threshold test for eligibility was increased to also apply (from March 2020 until 31 December 2020) to businesses with an aggregated turnover
Posted by Team AVS on 8 Oct, 2020 0 Comments
We all understand that budgets are an exercise in predicting the future. Given what has happened in 2020, gazing into the crystal ball and extracting something reliable is fraught with difficulty.
The Treasury has given its best estimate, but we also need to appreciate that budgets are usually never 100% on target — that’s the nature of budgets. The question is, by how much? It will be remembered as Australia’s biggest spending budget wi
Posted by Team AVS on 9 Sep, 2020 0 Comments
The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory. Many tenants have been paying reduced rent or ceased paying because their income has been adversely affected.
While rental income may be reduced, owners will continue to incur normal expenses on their rental property and will still be able to claim these expenses in their tax return as long as the reduced rent charged is determined at arms’
Posted by Team AVS on 8 Aug, 2020 0 Comments
Note that the boost to the instant asset write off rules that the government put in place to help stimulate the Australian economy in the face of the COVID-19 crisis has been extended to the end of this year. Businesses with a turnover of up to $500 million a year will be allowed to continue writing off newly purchased assets worth up to $150,000.
To get your claim right, remember:
check if you're an eligible business
both new and second
Posted by Team AVS on 15 Jul, 2020 0 Comments
Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same.
So, before we sit down with you to go over your tax return, certain information will be needed. Of course these days pre-filling takes care of a lot of the “paperwork”, and if you wait until late-July or mid-August the ATO’s systems will most likely be able to provide most of the information from employ
Posted by Team AVS on 6 Jul, 2020 0 Comments
The Australian Taxation Office is aware that residential rental property owners may be concerned about how COVID-19, floods, or bushfires have reduced their income. This may be a result of tenants paying less or entering deferred payments plans, or travel restrictions which have affected demand for short-term rental properties. New legislation also affects the tax deductions that owners of vacant land can claim.
Reduced rental income
Posted by Team AVS on 18 Jun, 2020 0 Comments
As a result of the impacts of natural disasters and COVID-19, we expect there will be changes to what people in many industries claim in their 2019–20 tax return.
This may be an opportune time to review your claims to ensure they are applicable in the current financial year.
If your usual pattern of work changes during the year due to COVID-19 or other circumstances, you may need to complete an additional record for the period their work
Posted by Team AVS on 9 Jun, 2020 0 Comments
The Australian government announced on June 4 that it would provide the eligible citizens with a grant of $25,000 to not only build a new home but also to renovate an existing.
The $688 million stimulus initiative will provide Australians money to spend on building or upgrading their home in a bid to support Australia’s struggling construction sector. The Home Builder program would provide new jobs in construction that would, in turn, grow n
Posted by Team AVS on 1 Jun, 2020 0 Comments
The ATO has announced that it has identified some common errors regarding luxury car tax (LCT) claims, but also says there are issues it has identified with LCT that are more associated with actively trying to pay less tax than required.
Some common errors the ATO has identified when taxpayers report or claim LCT include:
using an incorrect formula or the wrong LCT threshold
dealers/resellers who deferred LCT, not reportin
Posted by Team AVS on 21 May, 2020 0 Comments
While many of the COVID-19 stimulus changes such as the JobKeeper payment are grabbing headlines, it is easy to overlook the significance of the $150,000 instant asset write off provisions.
The key changes for the instant asset write off include the following.
Certain business entities can access an immediate deduction for the full cost of depreciating assets costing up to $150,000 (GST exclusive).
The asset must be first used,
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