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From 1 July this year, new provisions apply to allow certain small businesses, or an entity that is not in business, to immediately claim some start-up costs, including business costs associated with raising capital. Claimable business-related start-up costs Expenses can…

The (now former) Treasurer recently announced that the States and Territories had unanimously agreed in principle to reduce the GST threshold on imported goods and services (currently at $1,000) to zero. The new arrangements will apply from 1 July 2017.…

The ATO has published the 2015 December quarter rates for the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC): GIC annual rate 9.14% GIC daily rate 0.02504109% SIC annual rate 5.14% SIC daily rate 0.01408219% Please Note: Many…

The ATO has issued an information sheet to help taxpayers get their property valuations right. They say that practitioners or their clients can apply for a market value private ruling, by either:       asking the ATO to provide…

Editor:  The ATO has advised that practitioners and their clients can opt to pay GST quarterly, and only report annually. This option is available to all businesses with a turnover of $2 million or less. If a business elects to…

The (now former) Treasurer recently announced that the States and Territories had unanimously agreed in principle to reduce the GST threshold on imported goods and services (currently at $1,000) to zero. The new arrangements will apply from 1 July 2017.…