Taxation

The earlier the better!

Written by Felicity Magnussen

The Earlier the Better We Say

With the Christmas singing and Merry Wishes seeming like a long time ago, we are now busily working away.

Although the May 2020 due date may seem far into the future, we would love to receive your tax returns earlier rather than later to avoid any surprises (and provide your refunds quicker!)

wrist wearing apple watch showing the time

Opening a child’s savings account?

Written by Felicity Magnussen

Opening a savings account for your kids? It’s great to get them into the habit of saving their tooth fairy money and gifts from granny to experience the joy of compounding early in life.

If the money is genuinely theirs, you as parents don’t need to declare the interest, so don’t give your TFN to the bank. If your TFN is linked to the account, the ATO will be expecting the interest to be declared by you.

If you have parked some of your own funds in the kids’ names however, the ATO view is that control of the money and therefore the interest belongs to you.

If you’re not sure please ask your friendly Halletts team member!

Don’t forget the instant asset write-off!

Written by Felicity Magnussen
A reminder for small businesses with a turnover of less than $50m – don’t forget the higher instant asset write-off threshold of $30K (that’s per item!) now applies to business assets purchased and first used between 2 April 2019 and 30 June 2020. To get a deduction this tax year, the item(s) must be installed ready for use before 30/6/19 – if you’re not sure or need help with your tax planning BEFORE the end of the financial year, please ask your friendly Halletts team member!