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Federal Budget 2015

In response to a number of inquiries made by our clients recently about the 2015 Budget, and in particular, the accelerated depreciation for assets up to $20,000, we have provided a brief overview of some of the proposed change and how this might affect our clients.


"All small businesses will get an immediate tax deduction for any individual assets they buy costing less than $20,000. (Currently, the threshold sits at $1,000).

This $20,000 limit applies to each individual item. Small businesses can apply this $20,000 rule to as many individual items as they wish. These arrangements start from Budget night and continue until the end of June 2017."

In other words, if you purchased a truck for $19,000 on 20th June 2015, you would be able to claim depreciation of $19,000 in total for that truck, in the 2015 financial year. If you run your business through a company, the tax you would save would be $5,700 (at the current company tax rate of 30%), i.e. 30% x $19,000

Please note, the accelerated depreciation does not mean that you will save or get a refund of $19,000. 

It is also important to note, that even without accelerated depreciation, your overall tax saving would still be the same ($5,700) but it would be spread out over the useful life of the truck. 

The purpose of the accelerated depreciation is to help businesses with their cash flow NOW, so they can use that cash in the business, rather than benefit from the depreciation over a number of years.

More information about the Accelerated depreciation can be found here.



Do you have a 2015 diary?

As tax time is approaching, it is a good time to remind our clients about their obligations to substantiate work-related deductions. One of the ways to substantiate the work-related use of things like home office maintenance, internet use, computer use and mobile phone use, is to keep a diary of the work-related use of these items over a 4 week period. These diaries need to be kept every financial year in order to be able to determine the work-related % and claim the deduction. 

Please also note, if you are claiming car expenses using the logbook method, you must keep a logbook of all your business kilometers over a period of 3 months. The work-related % derived from the logbook can then be applied to your actual car expenses including depreciation of your car for up to 5 years. 

If you would like a template for an ATO-complying diary or car logbook, please email Dorin Bentley (dorin @ sjb-accounting . *please remove spaces) and request the relevant template. 

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SJB Newsletter 2013

Our 2013 newsletter is now available:



Please take the time to read through it, as it contains important information including:* New Superannuation guarantee rate and obligations for employers

* New compliance requirements for Business in the Building & Construction industry
* Due date for end of financial year company tax and when you should send your materials to our office
* Payment summaries for your employees – what you need to do
* ASIC Annual Fee and how to report changes to your company details
* Changes to tax returns for 2013
* SJB Accounting firm updates

Annual Payment Report

New Added Compliance Requirement for

Businesses in the Building Industry

Due to a new ATO requirement, every year businesses in the construction industry that have made payments to contractors for building and construction services will need to lodge a "Taxable payments annual report" listing the details of each building/construction contractor that has been paid during the year.

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