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Posted in Building & Construction

Reduction in Small Business Depreciation

Posted on 25 November 2013
  Some small business accelerated depreciation rules will be removed from 1 January 2014.
Since 1 July 2012 eligible small business taxpayers have been able to claim an immediate deduction for assets costing less than $6,500. This will revert to a threshold of $1,000 for assets that are first installed and ready for use on or after 1 January 2014.
If the value of a small business entity’s low-value pool is less than $6,500 at the end of the income tax year...
Posted in: 2014 Building & Construction Compliance Tax Obligations ATO   0 Comments

Taxable Payments Annual Report - Building & Construction Industry

Posted on 21 June 2013
  The first annual Taxable Payments Report is due 28 July 2013 (or 21 July for those businesses who lodge monthly Business Activity Statements) for businesses primarily in the building and construction industry who have made payments to subcontractors during the year ending 30 June 2013. The Government has designed this report to improve compliance with tax obligations by those contractors who are currently not doing the right thing. However, the reporting obligation...
Posted in: 2013 Admin BAS Business Activity Statement Building & Construction Contractors Sub-Contractors Accounting Software Compliance Tax Obligations ATO Data Matching   8 Comments

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