Blog

 

Superannuation Contributions Limits Change

From 1st July 2017 Concessional Superannuation Contributions will be limited to $25,000 per annum for all tapayers, regardless of age

 

Small Business Immediate $20,000 Tax Deduction

This write off has been extended to 30th June 2018. Business can qualify if their annual turnover doesn't exceed $10M.

 

Company Tax Rate

The Company Tax Rate for 2016/17 has reduced to 27.5%.

 

Restricting Residential Investment Property Deductions

From 1st July 2017 travel expenses in relation to Residential Investment Properties will no longer be deductible.

 

Investors that purchase plant and equipment after 9th May 2017 will be able to claim depreciation. However, subsequent owners will not be able to claim the depreciation. Building Write Off claims have not changed.

 

Deductible Handbags

Have you ever considered that your handbag could be tax deductible? If you are carrying work items to & from work, such as a laptop, work papers or files, then you could have a legitimate deduction, as long as the cost isn't too extravagant. Please keep receipts for handbags or manbags for your 2016 Tax Return.

 

2015 Tax Returns Due:

 

2015 Personal Tax Returns are due on the 15th May 2016. Some people may be eligible for an extention until the 5th June 2016.

 

If you have not completed your 2015 Tax return yet or require the help of an accountant for your business return, then please call us on 0403 968 670.

 

2015 Tax Time:

 

That time of year has crept upon us again. Please feel free to call 0403 968 670 or email info@exceltax.com.au to make your tax appointment.

 

Williamstown appointments are only taken on Monday mornings and Caroline Springs appointments on Monday afternoons, Wednesday afternoons, Friday mornings & Saturday mornings.

 

2016 Budget Announcements:

 

Small business has been a big winner out of the budget. Below are some of the incentives that may apply to your business.

 

$20,000 Immediate Capital Write Off

• Any capital asset costing less than $20,000 can be written off immediately.
• This applies to any asset bought from budget night 12th May 2015 to 30 June 2017.
• Previously only assets under $1,000 were able to be written off in the one year.
• Instead of claiming your tax rate back on a business asset over a few years, you now get the tax saving upfront in the first year.

 

Company Tax Rate Reduced

• The company tax rate has been reduced from 30% to 28.5%.
• Applies from 1st July 2015.

 

5% Tax Reduction

• Sole traders, Family Trusts and Partnerships with turnovers under $2M will take advantage of a 5% reduction in tax.
• Tax Saving is limited to $1,000.
• Applied from 1st July 2015.

 

2014 Tax Time:

 

It's nearly tax time! Take a look at the New '2014 Tax Return Checklist' & '2014 Tax Return Form' on the Forms & Links page.

 

Book an appointment at Caroline Springs or Williamstown by calling 0403 968 670.

 

 

Superannuation 2014 Updates:

 

Contribution Caps

 

 

Concessional Contribution Cap			Non-Concessional Contribution Cap
Year	Age under 50 years	Age 50 to under 60 years	60 years and over	Standard	3 year bring
2012/13	$25,000	$25,000	$25,000	$150,000	$450,000
2013/14	$25,000	$25,000	$35,000	$150,000	$450,000
2014/15	$30,000	$35,000	$35,000	$180,000	$540,000

 

 

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The government announced on 6 November 2013 that it will not proceed with the previous government's announcement to introduce a $2,000 cap on the amount you can deduct for work-related self-education expenses.

 

New Williamstown office now open.

 

 

Medical Tax Offset to be phased out

 

• In 2012/13 the tax offset that is available if ‘Net Medical Expenses’ exceed $2,120 and 20% over threshold can be claimed a s an ofsset. If a singles income is more than $84,000 or $168,000 as a family then the threshold is $5000 and only 10% rebate over threshold.

• From 1 July 2013, only those who claimed NMETO in 2012-13 will be eligible to claim NMETO in the 2013-14 income year.  Similarly, only those who claimed the NMETO in 2013-14 will be able to claim it in the 2014-15 income year.  These offsets will apply to all medical expenses.

• In addition, the claim for all other taxpayers (ie those who did not claim the NMETO in 2012-13) will be restricted to out-of-pocket medical expenses for disability aids, attendant care, or aged care expenses. 

• From 1 July 2019, taxpayers will no longer be able to claim a tax offset for out-of-pocket medical expenses.  All claims from 1 July 2013 will be restricted to eligible taxpayers who incur out-of-pocket medical expenses relating only to disability aids, attendant care, or aged care expenses.

 

Phasing Out Dependant Spouse Offset

• From 1 July 2012, if you have a dependent spouse born on or after 1 July 1952 you may no longer be entitled to claim the dependent spouse tax offset.