Application of the Updated Lease Accounting Standard – AASB 16: What You Need to Know as a Business
The revised lease standard “AASB 16 Leases,” will mean significant changes for businesses that need to comply with accounting standards within their financial reports. The majority of leases, both operating and finance, will now need to be brought onto the balance sheet. AASB 16 Leases is the updated accounting standard that changes the way in […]Read more
Important Information for Clients with a Discretionary Trust
Decisions Regarding Distribution of Income If you have a Discretionary Trust, the decisions about the distribution of the income of your Trust must be made and evidenced by 30 June 2019. Under the terms of most Trust Deeds it is not necessary for formal minutes to be prepared prior to 30 June as these can […]Read more
Instant Asset Write Off changes announced in Budget 2019 are now law
The measure announced in the 2019 Federal Budget to give medium-sized businesses (turnover greater than $10M but less than $50M) the ability to immediately deduct the cost of assets costing less than $30,000 is now law. The new Act also increases the current threshold for the instant asset write off for small businesses (turnover less […]Read more
Allan Hall’s 2019 Federal Budget Tax Summary
The Federal Treasurer, Mr Josh Frydenberg, handed down the 2019/20 Federal Budget at 7:30 pm (AEDT) on 2 April 2019. Mr Frydenberg said the Budget is ‘back in the black’, announcing a budget surplus of $7.1b, and forecasting continued surpluses into the future, building towards 1% of GDP with the aim to pay off Government […]Read more
New whistleblower protections – what could it mean for your business?
As part of the Federal Budget in 2016, the Government announced commitment to the introduction of whistleblower protections legislation to be operational by July 1 2018. Currently there is a bill (Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017) before the senate which will amend the Corporations Act 2001 to consolidate and broaden the existing protections […]Read more
The 2018-2019 Federal Budget has been announced – so what does it mean for you?
On Tuesday 8 May 2018, the Federal Treasurer Mr Scott Morrison handed down the 2018-2019 budget. Whilst there was emphasis on bringing the budget back to surplus earlier than originally planned, as well as individual tax cuts, we have prepared a tax and superannuation brief to help break down all of the announcements and what […]Read more