Chesterton Accounting

Small Business Instant Asset Write-Off Increase

The small business instant asset write-off is set to be increased from $20,000 to $25,000 and will be extended to 30 June 2020. The Prime Minister has announced this new measure and expects it to benefit more than 3 million small businesses across Australia. Legislation still awaits to be introduced by Parliament but it is set to commence from 29 January 2019, this means that any assets bought from this date that are under $25K can be instantly deducted. Link below posted by the Liberal Party.
https://www.liberal.org.au/latest-news/2019/01/29/stronger-economy-its-about-people?fbclid=IwAR1cxwxuI52roICxv0n6bZq3plZNmRfz1MEoQG8Oe1qqJT_gPMw7H1kd3dY

Podcast: First Year Frontiers

Are you in your first year of business and would like to hear others stories on their successes? Listen to the below podcast from Xero to hear Luke Buesnel and Richenda Vermeulen discuss how important having a robust idea is when starting a business. That includes testing your idea in the market, validating your idea with others, drowning out the doubters (because they’ll always be there), and what the next steps are once you decide to push the go button.

https://www.xero.com/au/campaigns/firstfrontiers/episode-1/?mkt_tok=eyJpIjoiTnpJeFpEUTFNRFZtT1RkaSIsInQiOiJxWUVpRmF5NVRHSmJBSzZoZGM3anI2Ym4wSHJrczFOekRPNldFRnVBY1FyeDVEc2RKSWFvak1YWWVDeGhxSzF6cGpRWGhsbmJlaENHUTllSWpUZkFFdERSSWtCUjVxVzh3a3I0SEwrSjl6QkhmOVZaTGVNQWpJOGp4Y29KV1RLeiJ9

EOFY ready

Is your business ready for EOFY (end of financial year) ? Xero accounting software has a number of video series, articles and checklists to ensure that you have your financial information and data EOFY ready for your tax agent. Please follow this link:

https://www.xero.com/au/eofy/small-business/?mkt_tok=eyJpIjoiT0RWaFlqbG1ObVF5T0RNMyIsInQiOiJUZFZpWG1TdENXZzBKcnNJelErSERFK3hhNXR1UUxweW5rYnZMSXRIRlF1bFBlUlZYc0pyRFcrWUhTNjg1UXh2OEN2Sk5PUngxY29hZWNZUkU5N1NHTm51bHZYNGdFcnlRZ2hadTVIRnIrOTd3RzZHUm5vWHJGUmtQSUllOTZhMyJ9

Superannuation Guarantee Amnesty

The Government has announced from the 24th of May 2018, a 1 year Superannuation Guarantee Amnesty. This is a rare opportunity for employers to pay their overdue super liabilities without paying the ATO penalty and receiving a tax deduction for the payment. If employers with outstanding payments do not comply in the 1 year period, there will be harsher penalties. Please see the below link for more information.

https://www.ato.gov.au/Business/Super-for-employers/Superannuation-Guarantee-Amnesty/

 

Everlance Mileage Tracker Application

Do you want to claim more for business related car trips but hate the hassle of writing in a logbook ? Everlance is an android friendly application which can calculate the kilometres you drive for business trips. It also has automatic kilometre detection which can record kilometres for you without you having to do anything. Please see the below link for more information.

https://everlance.com/ 

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