Latest Tax News
Newsletter July 2019 – Latest tax news
Hello & welcome to another Tax Year!
You’ll find all our contact details here as well as the latest in Tax News for 2019.
You can find a Tax Update Form on our website to add to your documents here. This form is required with all paperwork submitted to our office. Completing this document ensures we have all the correct details for you on our database which will mean a smoother, quicker preparation of your Return.
Both our Nannup & Stirling offices will be open 6 days a week from July until the end of October. Please telephone or email to make your appointment.
Documents may also be emailed to our offices, mailed (using our PO Box addresses) or dropped off to reception.
Our contact details are listed below.
PO Box 1302, INNALOO WA 6918
PO Box 156, NANNUP WA 6275
Personal Superannuation Contributions
Salary and wage earners are now entitled to a deduction for contributions to a complying fund subject to certain caps. Please speak to your accountant for more information.
$30,000 Deduction for Small Business Instant Asset Write-Off
From 2nd April 2019 small businesses with annual turnover of below $2 million are eligible for an immediate write off for plant & equipment used for business purposes including tools & machinery, computers, laptops & motor vehicles.
Please note the ATO will be scrutinising any private use of these assets & log books will be required for motor vehicles that are not considered commercial & used predominately for business purposes.
Before completing BAS statements it is advisable to contact us to ensure correct labelling & completion.
Medicare Levy Surcharge Income Threshold Table
|Base tier||Tier 1||Tier 2||Tier 3|
|Single threshold||$90,000 or less||$90,001 – $105,000||$105,001 –$140,000||$140,001 or more|
|Family threshold||$180,000 or less||$180,001 – $210,000||$210,001 – $280,000||$280,001 or more|
|Medicare levy surcharge||0%||1%||1.25%||1.5%|
Note: The family income threshold is increased by $1,500 for each Medicare levy surcharge dependent child after the first child.
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