Newsletter

The ATO have been in consultation with the small business community to better understand how they can support small business owners who may be experiencing mental health issues.

CAN EQUIPMENT OWNED BY THE SMSF BE LEASED TO OTHER MEMBERS OF THE SAME SMSF?

An SMSF can lease an asset of the fund such as business equipment or machinery to a related party of the fund. This is known as an in-house asset.

14 JULY 2016

• Payers must issue 2015-2016 PAYG Withholding payment summaries to payees (that is, employees and other workers).

INSTANT ASSET WRITE-OFF

Small businesses can immediately deduct the business portion of most assets if they cost less than $20,000 and were purchased between 7:30pm on 12 May 2015 and 30 June 2017. They can claim the deduction through their tax return.