Exciting changes affecting 2019 Tax Time

20-03-2019

 

  1. Effective 29 January 2019 The small business instant write off threshold increases to $25,000!! Plus has been extended up to 30 June 2020 – great news for small business operators

 

  1. Effective 1 July 2019 SMSF maximum allowable members has increased from 4 to 6 – enables the larger families to join the same SMSF!

 

  1. The ATO has announced that people impacted by recent floods in Far North Queensland will be granted extra time to deal with their tax affairs. Those that fall within the designated areas will automatically get an additional four weeks to lodge and pay activity statements, tax returns and FBT returns that would normally be due in February 2019.  Refunds will also be fast-tracked!

 

  1. Effective 1 July 2018 the hourly rate for claiming home office running expenses has increased from 45 cents to 52 cents per hour! – the hourly rate method incorporates all of the items that can be claimed as home office running expenses, including lighting, heating, cooling, cleaning costs, and decline in value of home office items such as furniture and furnishings in area used for work.

 

  1. Effective 19 August 2018 Primary Producers are able to immediately deduct (rather than depreciate over 3 years) the cost of fodder storage assets, such as silos and hay sheds used to store grain and other animal feed.

 

Beat the rush and Book in now for your 2019 Tax Appointments with one of our Accountants.

 

 

 

 

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