DO YOU USE A BUSINESS PORTAL?

From 1 July 2017, the ATO are introducing some changes to activity statement screens in the Business Portal. The changes will make lodgment quicker and easier and you'll notice a new look to a number of screens.

The Business Portal changes will mean you will be able to:

  • lodge a nil activity statement with just one click – no need to fill each label with zero
  • click the checkbox to sign the declaration – no need to use your AUSkey or myGov credentials
  • take advantage of the 'Simpler BAS' reporting changes
  • save a partially prepared activity statement then resume it on any computer using the improved save function

See more about this from ATO here.

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WHY 90,000 MORE BUSINESSES CAN ACCESS THE $20K INSTANT ASSET WRITE-OFF THIS YEAR

If you buy an asset before 1 July 2017 and it costs less than $20,000, you can immediately deduct the business portion in your 2017 tax return.

You are eligible to claim a deduction for each asset (new or second hand) costing less than $20,000 if:

  • you have a turnover less than $10 million (this has increased from $2 million), and
  • the asset was first used or installed ready for use in the 2016-17 income year.

Assets that cost $20,000 or more can't be immediately deducted. They will continue to be deducted over time using a small business asset pool. You can write-off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year.

In the Budget 2017, the government announced an extension of the $20,000 instant asset write-off threshold to 30 June 2018. This extension still needs to be passed in parliament – the threshold currently reduces to $1,000 from 1 July 2017.

Remember, registered tax agents and BAS agents can help you with tax and super advice.

Read more about this here.