Financial year-end preparation

What’s changed and what’s new?

It has been a year of recovery for Australian businesses, with the country achieving some of the best economic outcomes in the world.

While there have been disruptions, there have also been additional allowances and tax changes designed to assist businesses.

Stay on top of your obligations with this helpful […]

2020/21 Federal Budget Summary

Salisbury Accountants Federal Budget Summary 2020/21

1. Personal income tax changes

1.1 Changes to personal income tax rates

The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e., from […]

Accelerated depreciation Stimulus package

The government has announced that business with less than $500m in turnover will receive accelerated depreciation deductions for new assets up to 30 June 2021.

This accelerated depreciation is available for assets in the first year of deductions for the asset, and will be 50% of the installed cost of the asset, with the remainder […]

Instant asset stimulus package for 2020 purchases

The instant asset write-off will be available for the majority of businesses during some part of the 2019/20 income year

Between 12 March 2020 to 30 June 2020, businesses with up to $500m in turnover will get an instant asset write-off for assets first installed and ready for use under $150k.

In the legislation, the […]

Economic Stimulus Package

Coronavirus Economic Stimulus Package

The Government has announced a $17.6 billion economic plan to keep Australians in jobs, keep businesses in business and support households and the economy as the world deals with the significant challenges posed by the spread of the coronavirus.

The targeted stimulus package is focused on keeping Australians in jobs and […]

Low-cost assets and the threshold rule for your small business

The threshold rule allows a business to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets

The rule is meant to help your small business save time because you don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital nature […]