Instant asset write off extended for another 6 months

Xperion

In March, the government increased the threshold for instant asset write off form $30,000 to $150,000. this was meant to drop back to original threshold of $1,000 from 1 July. The arrangement has now been extended to 31 December 2020.   What does the instant asset write off mean for you? – If your (aggregated) turnover is less than $500 million – And you purchase asset that is available to…  Read more

ATO debt – disclosed to external agencies, such as banks

Xperion

Following the enactment of legislation in late 2019, the ATO can disclose certain business tax debt (ATO debt) information to external credit reporting bureaus. This information will primarily be used when issuing external creditworthiness reports in relation to relevant businesses, effectively treating tax debts in a similar manner to other business debts. The purpose of allowing the ATO to report ATO debt is to: encourage businesses to engage with the…  Read more