eWombat Search

Latest Accounting News
Hot Issues
ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
Guidance for SMSFs on transfer balance reporting
ATO issues alert on super, tax scams
Salary sacrifice integrity
Understanding the evolution of blockchain and cryptocurrencies
Update to Australia's vital statistics
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
SMSFs - Our 'hardest' jobs
Tax Office reveals adventurous, dubious claims ahead of tax time
ATO reveals top tax time mistakes, set to contact 1 million taxpayers
Watch out for charges with incoming GST laws.
Super savings gap for women stuck at 30%
‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period
Statistics for all Australians
Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
Government intensifies cash payments crackdown - Kelly O'Dwyer
Passive investment companies tax rate still 30%
Cryptocurrency audits tipped to increase this EOFY
Australia by numbers – Update
$2.4m lost to tax scams, ACCC reports
No GST on digital currency
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Articles archive
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
300,000 SMEs utilising $20K write-off, says ATO

The average amount claimed through the instant asset write-off more than doubled in the 2015-16 financial year, according to the ATO’s latest data.



       


 


The average amount claimed through the instant asset write-off more than doubled in the 2015-16 financial year, according to the ATO’s latest data.


Minister for Small Business Michael McCormack said that up to 300,000 small businesses took advantage of the $20,000 instant asset write-off in 2015-16, helping to improve cash flow for business owners.


“In 2015-16, the number of claims increased by 50,550 and the average amount claimed increased by $4,065 to $9,000,” Mr McCormack said.


“This means more money in the pockets of small businesses so they can grow their businesses, employ workers and pay them more.


“The instant asset write-off is directly helping small business' bottom lines and improving cash flow for small business which means more investment in local communities, higher wages and more local job opportunities.”


The instant asset write-off threshold was increased to $20,000 in 2015, and was extended to 30 June 2018 earlier this year.


Small businesses with an annual turnover of less than $10 million can access the concession, up from $2 million in previous years.


“Small business is a major contributor to our economy and employs almost half of our workforce. Creating the right conditions for the sector to thrive will create local jobs, build communities and continue to grow the economy,” said Mr McCormack.


“Cash flow is so important for small business operators and the instant asset write-off means that tradies can invest in better tools, cafes and restaurants can upgrade their equipment and all small businesses can reinvest to grow their business.


“These great results are set to continue with tens of thousands more small businesses able to access the instant asset write-off thanks to the government’s increase in the small business turnover threshold to $10 million per year.”


Mr McCormack has yet to indicate if the instant asset write-off will be further extended despite calls from small business owners to make the concession permanent.


MYOB chief executive Tim Reed said their latest Business Monitor Survey of over 1,000 SME owners found that keeping the instant asset tax write-off was top of mind for them.


“SMEs have consistently called for the government’s $20,000 instant asset tax write-off to be made permanent, and support for this measure continues to grow in our latest survey,” Mr Reed said.


“As such a vital contributor to our economy, it’s important that the government listens to the concerns of small businesses owners and provides policies which enable them to be successful.”


 



By: Jotham Lian
16 OCTOBER 2017
accountantsdaily.com.au




22nd-November-2017
 

Stapleton Group: 83a Boronia Road Boronia VIC 3155 | Phone: (03) 9760 7800 | Fax: (03) 9760 7860