Paying enough tax?

do what you love

Did you know that…

If you used the ATO’s Tax withheld calculator between 1 – 11 July 2018 to work out withholding amounts for yourself or your employees, you may have been affected by an error?

The error affected the calculation of the following:

  • Higher Education Loan Program (HELP)
  • Student Start-up Loan (SSL)
  • Trade Support Loan (TSL)
  • Student Financial Supplement Scheme (SFSS).

The error meant that the amount of withholding calculated was slightly higher than required. It should not have a significant impact on your employees’ tax withheld for the year.  If you would like more information on this contact Lyndall.

Asset write-off has been extended

$20K writeoffThe $20,000 threshold has been recently extended to 30 June 2019.

If you buy an asset and it costs less than $20,000, you can write off the business portion in your tax return for the relevant income year.

You are eligible to use simplified depreciation rules and claim an immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:

  • you had a turnover less than $10 million (increased from $2 million on 1 July 2016), and
  • the asset was first used or installed ready for use in the income year you are claiming it in.

The $20,000 threshold applies from 12 May 2015 to 30 June 2019 and reduces to $1,000 on 1 July 2019.

Remember, CATS4Tax is a registered tax agent and can help you with your tax for your business and your personal tax.

Your Tax Return is Due

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LAST DAY TO LODGE… you’re out of time but not out of luck!

They say a black cat walking past your front door is a sign of good luck… so don’t stress out about your tax any longer –  CALL US – we can assist you to get that pesky paperwork in order and your tax return off your To Do List. We can assist you with your personal return, investment property returns, small business return and returns for seniors and under 21s.  Phone 0404 483 685