In the last Federal Budget the Government announced an extension to the measure providing an instant asset write-off for small businesses. This announcement has since been legislated and small businesses (now defined as businesses with turnover under $10m) can immediately deduct the business portion of most assets if they cost less than $20,000 and...

With the end of the 2017 financial year just around the corner, we have put together some tips below to assist you with year-end tax planning. Note particularly that the new superannuation regime will come into effect from 1 July 2017 which may affect your tax position and may require you to take action as soon as possible.

After months of debate, the significant superannuation changes first announced in the Federal Budget in May have finally been legislated, albeit in a different form from what was initially envisaged. In this newsletter, we will focus on these important changes and their implications, particularly for those with Self Managed Superannuation Funds (‘S...

At Ruddicks we are excited to announce the roll out of our new Client Portal. It is a service that is available for free to any clients who would like to take advantage of it.What is a Client Portal?It is a private website which allows two-way sharing of information and files between Ruddicks and the clients participating in this service. Clients a...

In July 2015 the Government passed legislation to change the Centrelink Age Pension assets test by increasing the lower thresholds and decreasing the upper thresholds. These changes will come into effect from 1 January 2017. This means that pensioners on the lower end of the asset threshold may be better off, however, those who currently have asset...

Simplified Fuel Tax Credits calculation methodsThe ATO have introduced new simplified methods for calculation of fuel tax credits for businesses that claim less than $10,000 each year. From the BAS period ending 31 March 2016 and onwards, you are able to use either or both of the following simplified methods. Use one rate in a BAS periodUnder the n...

What is a credit, debit or prepaid card surcharge?It is an extra charge that customers pay on top of the price of goods and services when they choose to pay with a debit, credit or prepaid card. What are the changes?The new legislation recently enacted bans “excessive” surcharges, a change which will be enforced by the Australian Competition & ...

Over the last few years, the ATO has escalated its direct communication with taxpayers through various electronic means, such as through MyGov, emails and mobile text messages. Increasingly, the ATO is relying on these digital communication channels to issue reminders, follow up outstanding debt and obligations and deliver various forms and notices...

There are ongoing reports of telephone calls from people who claim to represent the Australian Tax Office or other government agency, demanding large amounts of money to be paid immediately in satisfaction of outstanding tax or other debt. We urge you to direct any enquiries from the ATO to your Ruddicks adviser immediately and not disclose any ide...

We are pleased to continue to offer our favourable 28 day payment terms to our clients on all our invoices at a time when most professional practices are only offering 7 or 14 day terms.We have looked at other ways to help our clients by giving them more time to pay and we have identified QuickFee as a solution.How does it work?QuickFee allows you ...