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OMNIBUSiness April 2019

The 2019-20 Federal Budget was designed to showcase the return to surplus (and by default the Government’s economic credentials) and engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend added to this sentiment.

As far as changes affecting business taxpayers, there were these:

  • The Government announced that it is increasing and expanding access to the instant asset write-off with effect from 7:30 PM (AEDT) on 2 April 2019 (i.e. ‘Budget night’) until 30 June 2020. The changes in this regard are twofold, as follows:
  1. Increasing the instant asset write-off threshold from $25,000 to $30,000. The threshold applies on a per asset basis, so eligible businesses can instantly write off multiple assets.
  2. Making the instant asset write-off available to medium-sized businesses (the instant asset write-off is currently only available to eligible small businesses).
  • Proposed Division 7A changes deferred
  • Expanding Single Touch Payroll - more about that below including how we can help employers
  • Strengthening the Australian Business Number system
Read our full business Budget coverage here.

Enjoy reading OMNIBUSiness and let us know if you'd like to discuss any of the topics we cover.

Best wishes,

Justin Flavel
Managing Director
 
REMINDER STP for all employers starts 1 July
The laws to extend the Single Touch Payroll (STP) reporting requirements to apply to all employers with fewer than 20 employees has passed the Senate and will be Law. This means the STP regime will be mandatory for all employers by 1 July 2019. Is your business STP ready? Read what you need to know here.
Real estate start up success
Ivan Helman, Director of Benadé Helman in Perth, turned his passion for real estate into a full-time career. Read how his research lead him to Omnis Group and how doing so helped pave his success. Read more
Omnis Group's Board of Advice program
If you rely on your business income for your livelihood, then our Board of Advice program will help you improve profits, work less and enjoy a better lifestyle. Read how
Home office expenses
If you’re an employee who regularly works from home, you may be able to claim a deduction for expenses relating to that work. Read more
Data matching shares
The ATO’s data matching program has been augmented to ensure that taxpayers are correctly meeting their tax obligations in relation to share transactions. With over 500 million records to be obtained from ASIC, read how to be organised.
AUSkey replacement due
The ATO's AUSkey is due to retire next year. Read about the replacements as part of the Digital Transformation Agency's digital identity program GovPass, aiming to make government online services quick and easy to use. We'll keep you posted. Read more
NEWS: WA's richest and poorest suburbs
The Australian Taxation Office has crunched the numbers from WA's 2016-17 tax returns to reveal the state’s 10 richest and poorest income postcodes. Have they got it right? Read more
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Omnis Group Pty Ltd
1 Alvan Street, Subiaco WA 6008
p. 08 9380 3555   f. 08 9380 9515

www.omnisgroup.com.au

ABN 13087542658​

The greatest compliment we receive from our clients is the referral of their friends, family and business colleagues. Thank you for your support and trust.

Disclaimer This newsletter is for information purpose only and does not constitute advice and does not take into account any of your objectives, financial situation or needs. Before you make a decision about whether to acquire a financial product, you should obtain and read the product disclosure statement. NEO Financial Solutions: AFSL 385845 ABN 64 141 607 098. Omnis Financial Planning Pty Ltd ATF OFP Unit Trust ABN 79331585748 is a Corporate Authorised Representative (ARN 1006949) of NEO Financial Solutions Pty Ltd AFSL 385845 ABN 64 141 607 098

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