Wednesday, January 19, 2022
News & Updates
    Accounting, Accounts  cash, money 
Simplified depreciation rules for small business
July 29, 2013 

If you need to buy depreciating assets in your business – computers, machinery, cars, etc., - then the new rules that came into effect on 1 July 2012 provide some significant tax advantages for businesses with turnover of less than $2 million.

Expanding our horizons!
Click on the link to find out just how you can stay in touch.

The Guide to activity statements (BAS)
An overview...

Are you being paid enough super?
The employee superannuation guarantee (SG) calculator tool is designed to help you determine whether you are eligible for SG contributions, and whether your employer is paying the correct amount.

Income of Minors

Income of Minors

A minor is a person who is under 18 years of age. Special rules apply to the income of minors.

If you are under 18, some of your income may be taxed at higher rates. However, you pay the same income tax rates as an adult for:

  • all income you receive if you are an 'excepted person' - this may apply to you if you have finished full time study and are working full time, if you have disabilities or if you are entitled to a double orphan pension
  • the income we refer to as 'excepted income' - including your employment or business income, Centrelink payments and income from a deceased person's estate.

If you are not an excepted person, you pay a different rate of tax for income that is not excepted income. This was introduced to discourage adults from diverting income to their children.