$20,000 Instant Asset Write Off Extension

Just a reminder…

The small business asset write off threshold of $20,000 will continue until the 30th of June 2018. This applies to small businesses with a turnover threshold of less than $10 million in the 2017 financial year.

To refresh your memory, the small business instant asset write off applies to small businesses that purchase assets costing less than $20,000.

Under this concession, business owners can deduct 100% of the asset in the financial year they are purchased, rather than having to depreciate the asset over its useful life which could be 10 years for example. .

Eligibility

The asset is to ready to use in the financial year you make your claim. This means the asset needs to be fully installed.

You must be a small business with a turnover under $10 million

Things will change 1 July 2018…..

On the 1st of July 2018 the ATO will be reducing the threshold from $20,000 to $1,000, so now is the time to consider whether you can take advantage of this opportunity.

If you are considering purchasing business assets, give us a call first.  We can help make sure you are getting the best deductions for your business.

 

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Attention employers – Single Touch Payroll is coming!

The ATO is introducing a new system – Single Touch Payroll – to help employers report their employee payment information more easily and efficiently.

What is Single Touch Payroll?

Single Touch Payroll is a new system for employers to conveniently report their employee wages, withholding and superannuation information at the time when they prepare payroll on their accounting or payroll software.

What does it mean to you?

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Remitting employee super payments when there is insufficient information

As an employer you are obliged to pay your employee their wages, remit their PAYG Withholding to the ATO as well as remit superannuation payments to their superannuation fund accounts.

In an ideal world, on the first day your employee starts work with you, they would complete their forms including a Super Choice Form informing you their superannuation fund account details for you to remit superannuation payments.

What if your employee did not provide enough information for you to remit superannuation payments, and the amount is due to be paid?

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It’s SUPER time!

For businesses with employees, it’s quarterly Superannuation payment time!

The deadline for superannuation payment for the September 2017 quarter is due 28 Oct 2017. For businesses using AutoSuper on Xero, the cut off date to have it submitted and approved is 4pm AEDT, Tuesday 24 October. This ensures they reach the super funds by 28 October.

If you require assistance, Aston is happy to help!

Contact us!

XeroCon 2017

Over 500,000 small businesses are now using Xero accounting software, including more than 130 of our client businesses.   So Helen Hardegen & Emily Yip went to Melbourne last week to attend a XeroCon where over 3,000 accountants, bookkeepers and other interested parties gathered to learn more about the new things that are coming soon to Xero and how we can best help you, our clients, to use it.

There are some exciting new developments that we will contact you about in the near future including a new project management module, easy expense claims and many more.