Queensland State Budget

Payroll Tax Relief Package Qld Government proposes the following measures: Increase in the payroll tax threshold from $1,100,000 to $1,300,000. Sliding scale reduction where total Australian taxable wages are less than $6,500,000 Increase in payroll tax rate for employers with taxable wages above $6,500,000, was 4.75% now 4.95% A 1% discount on the payroll tax…

Annual ASIC Fee Increase – 1 July 2019

The ASIC have confirmed their annual ASIC fee increase will be effective from 1 July 2019. https://download.asic.gov.au/media/5133172/info-30-2019-fees-for-commonly-lodged-documents.pdf Date of Issue: 7 June 2019 Disclaimer: The contents herein are intended for general information only and should not be construed as legal or accounting advice. Vicca Chartered Accountants Brisbane bears no responsibility for any loss that might…

Concessional Contributions Cap Thresholds Summary

Concessional contributions include: employer contributions (including contributions made under a salary sacrifice arrangement) personal contributions claimed as a tax deduction. Where you have more than one fund, all concessional contributions made to all of your funds are added together and counted towards the concessional contributions cap.   Table 1.1: Concessional contributions caps Income year Date Your…

New Financial Reporting Thresholds – ASIC

The Federal Government has increased the financial threshold test for large proprietary companies reporting their Audited Financial accounts to the Australian Securities and Investments Commission (ASIC). The effective date for the new Financial Reporting Thresholds is the financial year commencing 1 July 2019. Section 45A of the Corporations Act is the operative provision that requires…

2019 FEDERAL BUDGET A Business Perspective

The 2019 Federal Budget is indeed a pre-election budget geared at winning back the hearts of middle Australia, small business and status quo for pensioners. And no talk of Franking credit refunds being denied or negative gearing changes. Indeed, the winners are Individuals earning up to $126,000 pa and Businesses with annual turnover up to…

ATO Small Business Concessions (At a Glance)

Deductions Concession Turnover less than $2 million Turnover $2 million to less than $5 million Turnover $5 million to less than $10 million Simplified depreciation rules – instant asset write-off Yes Yes Yes Accelerated depreciation for primary producers Yes Yes Yes Deductions for professional expenses for start-ups Yes Yes Yes Immediate deductions for prepaid expenses Yes Yes Yes    …