Coronavirus: Govt announces $17.6bn stimulus package; cash payments for business; instant asset write-off increased to $150k; $750 for pensioners
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Phoenixing in ashes: new law targets accountants
A new law to stop companies transferring assets to avoid their liabilities could also have serious impacts for their advisers, with new civil penalties set to be imposed.
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Buy up and claim: Instant asset write-off could benefit up to 2 million taxpayers
Hurry, hurry! Take advantage of the $30,000 instant asset write-off before the threshold is due to revert to $1,000 on 1 July this year. In the 2019-20 Federal Budget, the…
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Capitalising the balance sheet: AASB 16 sets a new standard for leases
With the introduction of the new AASB 16 Leases, lessees are now required to account for the assets and liabilities from operating leases, changing the balance sheet forever. After a…
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Precision needed to meet CGT on small business concession rules
For small businesses selling their business assets, generous CGT concessions may reduce their capital gain and also boost their super.But strict rules apply. Capital gains tax (CGT) concessions can create…
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SMSFs vs other types of funds: Part 2
In this second instalment of our two-part series on the key differences between SMSFs and public offer funds, we look at some important issues relating to insurance and dispute resolution.…
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SMSFs vs other types of funds: some issues to consider Part 1
Thinking about setting up an SMSF? In this first instalment of a two-part series, we explain some of the key differences between SMSFs and public offer funds. Understanding these differences…
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Practical Q&A Accounting Scenarios
Here is a preview of 2 accounting tips you can receive from our new Accounting Q&A Bulletin, coming soon to Checkpoint. As an accountant, you are faced with issues every…
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