Needhams Blog

Updating your name with the ATO

The Australian Taxation Office will no longer allow name changes on the tax return.

 

Please see the link below for what you will need to do in order to change your name with the ATO.

 

https://www.ato.gov.au/Individuals/Tax-file-number/Update-your-details/Update-your-name/ 

Latest CPA Tax News

Small business measures legislation

 


The Tax Laws Amendment (Small Business Measures No 1) Bill 2015 and the Tax Laws Amendment (Small Business Measures No 2) Bill 2015 were passed by the Senate without amendments and received royal assent as Acts No 66 and 67 of 2015, respectively.

Tax Laws Amendment (Small Business Measures No 1) Act 2015 reduces the company tax rate from 30 per cent to 28 per cent for companies that are small business entities with an aggregated turnover of less than $2 million from the 2015-16 income year.

The corporate tax rate for companies that have an aggregated turnover of $2 million or more remains at 30 per cent.

The Tax Laws Amendment (Small Business Measures No 2) Act 2015 contains the following measures:

Schedule 1 temporarily increases the threshold below which small businesses can claim an immediate deduction for the cost of assets from $1000 to $20,000. The increased threshold of $20,000 applies from 7.30pm AEST on 12 May 2015 until 30 June 2017. From 1 July 2017, the threshold reverts to $1000.

Schedule 2 allows primary producers to claim an immediate deduction for capital expenditure on water facilities and fencing assets and to deduct capital expenditure on fodder storage assets over three years. The measure applies to assets that an entity starts to hold or to expenditure an entity incurs at or after 7.30pm AEST on 12 May 2015.

To read more please click here: CPA Tax News

Regards,

The Team @ Needham's

Welcome to the 2014 Blog

Hello

Welcome to the new Needhams CPA's Blog.

We often get asked questions or come across information that we feel could benefit a number of existing and future clients so here you will find a regular update and tips on accounting, finance, mortgage and insurance.

Keep checking the website to see new blogs.
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