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    …

Government Proposes to Increase ASIC Reporting Thresholds for Large Proprietary Companies

Today 16 November 2018, Treasury has released a consultation paper seeking views on proposed changes to the ASIC Reporting thresholds. The Draft regulations, which will not require parliamentary approval once the consultation period concludes on 14th December 2018, will have the effect of doubling each of the current reporting thresholds. A company which meets two…