Modifications of Taxation on New property purchases

Australians have changed the way of collecting goods and services tax (GST) on some property transactions during the settlement. Effective 1 July 2018, buyers who purchase new residential premises or potential residential land, has to withhold an amount from the purchase price and pay it as a tax on or before settlement. Some transitional rules […]

Implications of GST Applied on Low Value Imported Goods

Effective 1st July 2018, Australian shoppers and overseas retailers initiate changes as the $1000 GST free threshold on low-value imported goods are being removed. Overseas retailers who sell more than $75,000 in goods annually in Australia will be required to collect GST at the point of sale. To date, overseas online orders such as tyres[…..]

A Comprehensive Guide to Business Activity Statements (BAS)

The business activity statement (BAS) is a format issued by the Australian Taxation Office (ATO) on either a monthly or quarterly basis. Its purpose is to summarize the amounts of GST payable and receivable by you for a certain period, as well as a range of other taxes that includes pay as you go (PAYG)[…..]

$20,000 instant asset write-off if you purchased of the same worth

The new $20,000 instant asset write-off means that assets valued less than $20,000 can be claimed as an immediate tax deduction. As part of the federal budget the Australian Government announced that small businesses with an aggregated turnover under $2 million would be entitled to claim a $20,000 instant asset write-off. Small businesses can use[…..]