• Peer Wealth

Small Business Tax Changes


10-Year Enterprise Tax Pan to Continue

The Government is continuing to move forward with its ten-year enterprise tax plan to reduce the corporate tax rate to 25% by 2026-27.

$20k instant asset write-off for small business entities extended by 12 months to 30 June 2019;

The threshold was due to return back to $1,000 from 1 July 2018. Now, small business entities (turnover of less than $10M) will be able to immediately deduct purchases of eligible depreciating assets costing less than $20,000 that are purchased between 1 July 2018 and 30 June 2019. These assets need to be first used or installed ready for use by 30 June 2019.

From 1 July 2019, the threshold will return back to $1,000.

Crackdown on salary/wage and contractor payments

Businesses will no longer be allowed to claim tax deductions for payments of salary and wages that have not met their PAYGW obligations.

Additionally, businesses who fail to obtain their contractors ABN or fail to withhold PAYG to contractors that they should be withholding on will also be denied claiming these payments as a tax deduction.

These changes are to be effective from 1 July 2019.

No Small Business Concessions for assigning partner rights like “Everett Assignments”

From 7.30PM AEST on 8 May 2018, partners seeking to assign their partnership interests to other entities will no longer be able to access the small business CGT concessions in relation to the disposal of their rights.

#GovernmentBudget

2 views

2017 SNB Business of The Year

2017 

Professional Services Award

Contact Us

Important Information

Peer Wealth Pty Ltd is a Corporate Authorised Representative (Representative No, 001281977) ABN 24 115 294 463 of Futuro Financial Services Pty Ltd, Australian Financial Services Licensee (AFSL 238478)

Financial Services Guide

Privacy Policy

P: (02) 8014 7608

E: info@peerwealth.com.au

Postal Address:

PO Box 444

Manly NSW 2095

This website contains general advice only. You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Futuro Financial Services Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website.

Liability limited by a scheme approved under Professional Standards Legislation.* *Other than for the acts or omissions of financial services licensees

Peer Wealth Manly:

Suite 202b, 39 East Esplanade

Manly NSW 2095

Peer Wealth Forster:

Shop 2, 12 Wallis Street

Forster NSW 2428

Office Address