New Depreciation Legislation for Australian Property Investors
Changes to property depreciation laws have been introduced and it is important to understand how these work and what they mean to you. Don’t despair, there are still many claims you can make depending on your circumstances, but you need to clear on what is and isn’t allowed. Here is a great video from our friends at BMT Tax Depreciation which gives a simple overview of what is new and what can and cannot be claimed.
We are pleased to announce Riverwood Group now offers a fully tailored bookkeeping service.
Shelley Wilson is an experienced bookkeeper who joined the team in August and has been busy setting up systems, processes and procedures and assisting clients with their bookkeeping needs. Shelley is Xero certified and so has a detailed understanding of Xero and the way it works. If you are not using Xero, Shelley is also skilled in the other small business accounting systems and can help with the set up and day to day processing in those other packages. Read more →
Did you know that you could be saving thousands of dollars simply by claiming depreciation for an investment property?
Unfortunately 80 per cent of investors are simply unaware of the deductions available for the structure of a building (capital works) and the easily removable plant and equipment assets contained within an investment property. Read more →
Small businesses can immediately deduct assets costing less than $20,000 purchased since 7.30pm 12 May 2015. The asset deduction is claimed in the income year in which the asset is first used or installed ready for use.
The instant asset write-off threshold has increased to $20,000 (up from $1,000). This allows an immediate deduction for the business use portion of a depreciating asset that costs less than $20,000. This applies:
to assets acquired after 7.30pm on 12 May 2015 until 30 June 2017
on a per asset basis, so several assets each costing less than $20,000 would qualify
SuperStream is compulsory for all employers from 01 July 2016. That’s only 4 months away!
We recommend that employers become SuperStream ready sooner rather than later. With the next quarterly payment due on 28 April 2016, now is a great time to get your systems set up, check they work for the next payment, so you can see the deadline come and go worry free.
SuperStream is a system where super contributions for employees are transmitted electronically (either EFT or BPay) and associated data is also sent electronically. Read more →