Stage 3 Restrictions for Regional Victoria ELLIOTT ACCOUNTING wants you to be reassured that we are here to support our clients during this unusual and challenging time. Following the recent announcement on Monday by the Victorian State Government, Stage 3 Restrictions for Regional Victoria will return from 11:59pm on Wednesday 5th August 2020. Our … Continue reading COVID-19 Updates - August 2020
This benefit is not a cash payment and has a maximum annual benefit amount which will reduce your compulsory HELP repayment. You may apply annually once the income year (1 July – 30 June) you wish to apply for has ended. This benefit will apply to individuals with HECS debts that studied in the following … Continue reading Reduction to accumulated HELP Debts
The Treasurer handed down Budget 2016-17 on Tuesday 3 May, 2016. The Australian Government budget sets out the economic and fiscal outlook for Australia, and includes expenditure and revenue estimates for the current financial year, the budget year, and three forward financial years. It shows the Government’s social and political priorities, and how the Government … Continue reading The 2016/17 Budget is Here!
SuperStream is a standard for processing superannuation data and payments electronically. It must be used by: employers self-managed super funds APRA-regulated funds. SuperStream data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment … Continue reading SuperStream
2015 tax returns for all other entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June 2016 concession. Due date for: lodging company and super funds to pay if required Please note there are exclusions to this rule. For more information please contact our office … Continue reading MAY 2016 - Prepare & Lodge Due Dates
Farm management deposits (FMD) are a risk-management tool to help farmers deal with uneven income, which is common in agriculture because of natural disasters, climate and market variability. If you are a primary producer, the FMD scheme allows you to claim a tax deduction for deposits you make in the income year you made them … Continue reading Farm management deposits scheme
Net medical expenses are your total medical expenses minus refunds from Medicare and private health insurers which you, or someone else, received or are entitled to receive. The net medical expenses tax offset is being phased out. To be eligible to claim the offset in your 2014–15 income tax returns, you must have either: received … Continue reading Claiming Medical Expenses
When an SMSF member dies, the SMSF generally pays a death benefit to a dependant or other beneficiary of the deceased. This should be done as soon as possible after the member's death. If the recipient is a dependant of the deceased, the death benefit can be paid as a lump sum or income stream. … Continue reading Binding Death Benefit Nominations
New laws have passed that allow small businesses to claim an immediate deduction for assets they start to use – or have installed ready for use – provided each depreciable asset costs less than $20,000. This will temporarily replace the previous instant asset write-off threshold of $1,000. This measure starts 7.30pm (AEST) 12 May 2015 … Continue reading Small Business – immediate capital expenditure write off
