Posted in Building & Construction

  Some small business accelerated depreciation rules will be removed from 1 January 2014.
Since 1 July 2012 eligible small business taxpayers have been able to claim an immediate deduction for assets costing less than $6,500. This will revert to a threshold of $1,000 for assets that are first installed and ready for use on or after 1 January 2014.
If the value of a small business entity’s low-value pool is less than $6,500 at the end of the income tax year...

  The first annual Taxable Payments Report is due 28 July 2013 (or 21 July for those businesses who lodge monthly Business Activity Statements) for businesses primarily in the building and construction industry who have made payments to subcontractors during the year ending 30 June 2013. The Government has designed this report to improve compliance with tax obligations by those contractors who are currently not doing the right thing. However, the reporting obligation...