Planning firms to benefit from $20,000 instant asset write-off
The Coalition Government has announced that the Senate has passed legislation to extend the $20,000 instant asset write-off for small and medium business for another 12 months to 30 June 2019.
Around 3.3 million small businesses across Australia with an annual turnover of less than $10 million would be eligible to access the write-off, including most financial planning businesses.
As a result of the successful passage of this legislation, these businesses would now have additional opportunities to reinvest in their business and replace or upgrade their assets, Federal Treasurer Josh Frydenberg said in a statement.
The initiative would cut the company tax rate for businesses with an annual turnover less of than $50 million from 30 per cent to 25 per cent, with businesses already benefiting from a 27.5 per cent rate, Frydenberg said.
It also would abolish $5.9 billion worth of red tape and introduce a simplified business activity statement, he said.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
