Precision Advisory Accountants | Financial service

Precision Advisory Accountants

Phone: +61 420 203 008

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23.01.2022 An update for our clients: With the Victorian Government’s announcement of Stage 4 restrictions, our office will be closing today, Thursday 6 August 2020 remain...ing closed until the lifting of Stage 4 restrictions. To send documents, where possible, please use electronic methods such as scanning or photos as mail may be delayed. We will hold all client meetings virtually via Telephone, Microsoft Teams, Zoom, WhatsApp, FaceTime. We are here to support our clients during these difficult times and hope everyone stays safe and healthy. Kind regards, Precision Advisory Accountants Team See more

20.01.2022 Federal Budget 2020-21 Changes in tax thresholds What is the proposed measure? Reductions in individual tax rate thresholds will apply for the 2020-21 income ...year. From 1 July 2020: The top threshold of the 19% personal income tax bracket will be increased from $37,000 to $45,000. The top threshold of the 32.5% personal income tax bracket will be increased from $90,000 to $120,000. This brings forward changes previously legislated to commence from the 2022-23 income year. Further changes legislated to commence in the 2024-25 income year remain unchanged.

10.01.2022 Employers: We've extended due dates for JobKeeper payment enrolments to help you finalise your preparations. If you need some extra time, you’ll now have until:... 8 May to make sure your eligible employees have been paid a minimum of $1,500 (before tax) for each JobKeeper fortnight in April and 31 May to enrol for April payments for your employees. You’ll also need to meet certain criteria to be eligible for JobKeeper payments - for more info, visit www.ato.gov.au/general/JobKeeper-Payment

06.01.2022 Temporary Full Expensing Deduction For Businesses Businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of e...ligible capital assets acquired from 7:30pm AEDT on 6 October 2020 (Budget night) and first used or installed by 30 June 2022. Full expensing in the year of first use will apply to new depreciable assets and the cost of improvements to existing eligible assets. For small- and medium-sized businesses (with aggregated annual turnover of less than $50 million), full expensing also applies to second-hand assets. Businesses with aggregated annual turnover between $50 million and $500 million can still deduct the full cost of eligible second-hand assets costing less than $150,000 that are purchased by 31 December 2020 under the existing instant asset write-off. Businesses that hold assets eligible for the existing $150,000 instant asset write-off will have an extra six months, until 30 June 2021, to first use or install those assets. Small businesses (with aggregated annual turnover of less than $10 million) can deduct the balance of their simplified depreciation pool at the end of the income year while full expensing applies. The provisions which prevent small businesses from re-entering the simplified depreciation regime for five years if they opt out will continue to be suspended.

02.01.2022 JobMaker Hiring Credit payment legislation introduced: