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Businesses – A Quick Checklist of Changes

Businesses – A Quick Checklist of Changes

With the end of the financial year approaching, it is time to update you on some of the changes that are taking place. Particular attention should be paid to the Building and Construction Industry.

TAXABLE PAYMENTS ANNUAL REPORTING – Building and Construction Industry

From 1 July 2012, businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year. The ATO have released an overview of the new system and the Instructions and form for reporting of taxable payments. This can be found at www.ato.gov.au/business. “Taxable Payments Reporting – building and construction industry.

SUPERANNUATION GUARANTEE (SG) REGIME

A reminder that the SG rate increases to 9.25% from 1 July 2013.

DEPRECIATION AND LOW COST ASSET DEDUCTIONS

For the 2013 financial year onwards the following changes have been introduced:

  • Items costing less $6500 excluding GST are now immediately deductible.
  • Motor vehicles costing $6500 or more qualify for an upfront deduction of $5000 + 15% of the remaining amount.

ENTREPRENEURS TAX OFFSET  (ETO)

The ETO available to small businesses with a turnover of less than $75000 has been removed from the 2012/2013 income year onwards.

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