Last time we have summarised updates about 2019 Individual Tax Return. Today we have some key updated information of 2019 Business Tax Return for you!
What’s new in 2019 Income Year for Business
Instant Asset Write Off Extended and Increased
As a result of the most recent amendment, for 2019 income years, Small Business Entity (‘SBE’ i.e., business with an aggregated annual turnover of less than $10 million) can instantly write off assets under the following thresholds:
- Assets that are first used or installed ready for use on or after 7.30pm (AEST) on 12 May 2015 and before 29 January 2019, the threshold is $20,000;
- Assets that are first used or installed ready for use on or after 29 January 2019 and before 7.30pm (AEDT) on 2 April 2019, the threshold is $25,000;
- Assets that are first used or installed ready for use on or after 7.30pm (AEDT) on 2 April 2019 and before 1 July 2020, the threshold is $30,000;
Also, for Medium-Sized Business (business with an aggregated annual turnover of $10 million or more but less than $50 million), assets acquired and first used, or installed ready for use on or after 7.30pm (AEDT) on 2 April 2019 and before 1 July 2020 can be instantly written off if it is under $30,000 threshold.
Single Touch Payroll (‘STP’)
From 1 July 2019, ALL employers, including small employers with less than 20 employees, are required to apply STP reporting.
STP data will also be expanded to cover more information about gross payment and other details.
Taxable Payments Reporting System expanded
The Taxable Payments Reporting System (‘TPRS’) requires businesses to report payments to contractors for certain services in a Taxable payments annual report.
New items have been added in for 2019 income year. This means entities that have an ABN and make supplies of road freight, IT or security, investigation or surveillance services are required to report information about these payments to ATO.
For more information please contact ANG Partners
Call our Income Tax Professionals: Danny or Austin
Tel: 03 9995 7261