Business tax cuts
Fast-tracking tax cuts for small and medium businesses The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income […]
Fodder storage assets
More help for drought-affected farmers As part of the next phase of its drought assistance policy (which includes various other measures), the Government announced that farmers will be able to immediately deduct the cost of fodder storage assets. Previously, these types of assets (such as silos and hay sheds used to store grain and other […]
Small business tax tips
Tax time tips for small business The ATO claims that it is committed to supporting small businesses and making it as easy as possible for them to understand and meet their tax obligations at tax time. Consequently, Assistant Commissioner Mathew Umina has some tips to help small business in the lead up to and during […]
Key points from Budget 2018
How will the Budget affect you? This year’s Federal Budget is an ‘election budget’ with tax cuts for all Australians that will be funded by the Government’s higher than expected revenue. All-in-all, changes to super were fairly limited in the Budget, with the Government focused on preventing the erosion of super funds with small balances. […]
Meet Senior Accountant, Daniel Carlino CPA
Daniel Carlino CPA Omnis Group Senior Accountant As a Certified Practising Accountant, Daniel Carlino manages Omnis Group’s clients by reviewing Business Activity Statements, financial accounts and income tax returns for individuals, partnerships, trusts and companies. He has a strong understanding of how best to work with small and medium enterprise, likely because Daniel hails from […]
Small Business Super Clearing House
Guide to the new Small Business Super Clearing House The Small Business Superannuation Clearing House (SBSCH) joined the ATO’s online services on 26 February 2018. This is intended to streamline how businesses use the SBSCH, and will also include extra functionality, such as the ability to sort employee listings and payment by credit card. The […]
Big changes proposed to eligibility for the CGT SBCs
Treasurer has released draft legislation containing new “integrity improvements” to CGT small business concessions (SBCs) Includes the 15-year exemption, the retirement exemption, the 50% active asset reduction and the small business roll-over. Due to the government’s “continued support for genuine small business taxpayers”, it proposes making amendments so that the CGT SBCs can only be accessed […]
New business benchmarks available
ATO small business benchmarks The ATO has updated its small business benchmarks with the latest data from the 2015/16 financial year. In addition to helping businesses to see if they are performing within their industry average, the benchmarks are one of the tools the ATO uses to identify businesses that may be a higher risk. […]
Small business tech trends to watch in 2017
If you’d like to save time, cut costs, improve productivity and increase sales, take a look at how the latest technologies can serve your small business in the new year. The rise of the remote office Although cloud-based solutions aren’t new, it’s anticipated remote work teams are on the rise. One reason may be that […]
