MAY 2019

Bhavesh Chaudhari

THE $30,000 SMALL BUSINESS TAX BREAK TRICKS AND TRAPS

Using the instant asset write-off, you can claim a deduction for each asset that cost less than the threshold that applied when the asset was first used or installed ready for use. Different thresholds apply, so make sure you check which one applies to your asset:

  • $30,000 from 7.30pm AEDT on 2 April 2019
  • $25,000 from 29 January 2019 until before 7.30pm AEDT on 2 April 2019
  • $20,000 before 29 January 2019.

GIC AND SIC RATES FOR THE 2019 JUNE QUARTER

The ATO has published the 2019 June quarter rates for the General Interest Charge (‘GIC’) and the Shortfall Interest Charge (‘SIC’):

  • GIC annual rate 8.96%
  • GIC daily rate 0.02454794%
  • SIC annual rate 4.96%
  • SIC daily rate 0.01358904%

2020 SUPERANNUATION RATES AND THRESHOLDS RELEASED

The ATO has published the key 2020 superannuation rates and thresholds. These include:

    • concessional contribution limit $25,000
    • Non-concessional contribuiton limit $100,000
    • CGT cap limit $1,515,000
    • Division 293 tax threshold $250,000

TD 2019/2 – VALUE OF GOODS TAKEN FROM STOCK FOR 2018/19

This Determination provides the amounts the Commissioner will accept for 2018/19 as estimates of the value of goods taken form trading stock for private use by taxpayers in certain specified industries these amounts are unchanged from the 2017/18 year.