Resources

Welcome to our knowledge base

Here you’ll find useful information and resources on the latest legislative and tax changes, as well as handy tips and tools to managing your financials. Check back regularly as we continue to update and expand our knowledge base.

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3 weeks ago

SLS Accounting

Phones and Internet
If you use your own phones or internet for work purposes, you may be able to claim a deduction. When you are claiming deductions for work-related use of one or more services, you need to apportion your costs based on your work use, for each service based on a usage diary of 4 weeks duration.
Please contact the office for more information.
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1 month ago

SLS Accounting

Office Expenses
Purchase any necessary office equipment/supplies before the end of the financial year so you can claim these expenses. Ensure you have kept receipts for purchases made throughout the year.
Please contact the office for more information
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1 month ago

SLS Accounting

Low Income Tax Offset
If you make contributions to a superannuation fund on behalf of your spouse who is earning a low income or not working you will be eligible for a tax offset. From 1 July 2017, your spouse is now able to earn up to $40,000 for you to claim the tax offset.

Please contact the office for more information ... See MoreSee Less

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2 months ago

SLS Accounting

Work Related Expenses -
Don’t forget to keep any receipts for work-related expenses such as uniforms, training courses and learning materials, as these may be deductible for tax purposes.
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2 months ago

SLS Accounting

Superannuation Contributions
From the 1st of July 2017, employees earning a salary/wage are able to claim a tax deduction in their personal tax return on contributions towards their superannuation fund. This counts towards the $25,000 contribution cap which includes your employer Super Guarantee Contributions. Please contact the office for more information
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5 months ago

SLS Accounting

From the 1st of July 2018, people over the age of 65 may be able to boost their retirement savings upon the sale of their main residence. If you are considering downsizing, please contact the office for more information. ... See MoreSee Less

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5 months ago

SLS Accounting

Single Touch Payroll is a reporting change for employers. It means employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to the ATO directly from their payroll solution at the same time they pay their employees. Employers may need to update their payroll solution to report through Single Touch Payroll. If you require assistance with the new obligations please contact the office. ... See MoreSee Less

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6 months ago

SLS Accounting
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7 months ago

SLS Accounting

The Directors and Staff of SLS Accounting wish you a Merry Christmas and a Happy and Prosperous New Year.
Please note our office will be closed from noon Friday 22 December 2017 and re-opening Monday, 8th January, 2018 at 8.30 a.m
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9 months ago

SLS Accounting

We don't mean to boast, but not many firms meet their lodgement targets. Check out our certificate from the ATO 🏆 ... See MoreSee Less

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10 months ago

SLS Accounting

Starting a business from home or running one already? Make sure you’re covered with the right insurance. Contact the office to speak to one of our experts to discuss your options. ... See MoreSee Less

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10 months ago

SLS Accounting
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10 months ago

SLS Accounting
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12 months ago

SLS Accounting

Whether you’re a first home buyer, a downsizer or a property investor, the 2017 Federal Budget could affect you. Contact the office to speak to one of our advisors today and find out more. ... See MoreSee Less

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12 months ago

SLS Accounting

Accelerated Depreciation for Small Business Extended

Small businesses with a turnover of less than $10 million can now claim an immediate deduction of eligible assets costing less than $20,000. Assets costing more than $20,000 will need to be placed in an assets pool depreciated at 15% in the first year and 30% in subsequent years. Please note that this immediate depreciation concession is only valid until 30 June 2018

Please contact the office for more information. ... See MoreSee Less

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12 months ago

SLS Accounting

From 1 July 2017, the eligibility rules for claiming a deduction for personal super contributions have changed. If you are between 18 and 75 years old and have made contributions to an eligible super fund you could be eligible to claim a deduction for those contributions. Please note that anyone over the age of 65 will be required to meet a work test

BEWARE: The maximum concessional contributions for those under 75 years have been reduced to $25,000. This includes your employer contributions, salary sacrifice arrangements and other contribution types

Please contact the office if you need assistance in ensuring that you do not exceed your concessional contributions cap. ... See MoreSee Less

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1 years ago

SLS Accounting

Low Income Spouse Tax Offset

If you make contributions to a complying superannuation fund or a retirement savings account (RSA) on behalf of your spouse (married or de facto) who is earning a low income or not working you may be eligible for a tax offset. Please contact the office for more information. ... See MoreSee Less

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1 years ago

SLS Accounting

From 1 July 2017, the deduction rules for travelling to inspect a rental property have changed. You will no longer be able to claim a deduction on travel to inspect, maintain or collect rent on a property. Please contact the office for more information. ... See MoreSee Less

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1 years ago

SLS Accounting

From 1 July 2017, all Australian and foreign residents selling real estate for more than $750,000 will need to apply for a 'Clearance Certificate' from the ATO.

Previously these were only required for properties sold with a value of more than $2,000,000.

If the vendor does not obtain a Clearance Certificate, the purchaser must withhold 12.5% (from 1 July 2017 - the current rate of withholding is 10%) of the purchase price and pay this to the ATO upon settlement.

If you think you may be affected by this, please call our office to discuss. ... See MoreSee Less

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1 years ago

SLS Accounting

From 1 July 2017, the annual non-concessional contributions cap will be reduced from $180,000 to $100,000 for people with a total superannuation balance of less than $1.6 million. Where your total superannuation balance is over $1.6 million, you will be unable to make any more non-concessional contributions. This is the cap on super contributions you make from your income after tax has been deducted. If you are under 65, there are currently rules in place that allow you to contribute 3 years’ worth of non-concessional contributions, meaning you could potential increase your superannuation balance by $540,000 before the changes apply (this will be reduced if you have made any non-concessional contributions in the last three years)

If you would like us to confirm your non-concessional superannuation contributions over the past 3 years to see if you are able to make any contributions, please contact our office.
For more advice on making contributions, our financial planning team would be happy to assist you further. ... See MoreSee Less

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1 years ago

SLS Accounting

Small business tip: Make sure you have proper tax invoices before making claims for GST on purchases.
For an invoice to be considered a tax invoice, it must include:
• supplier’s name and ABN
• GST amount payable
• date the invoice was issued
• description of items sold.
Check what else must be included on a tax invoice at

www.ato.gov.au/Business/GST/Issuing-tax-invoices/ ... See MoreSee Less

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1 years ago

SLS Accounting

Did you know that from 1 July, Division 293 penalty tax starts from $250k, rather than $300k as it does now?

Will this affect you? Not sure? Call us to discuss how this may impact you and what opportunities exist to minimise your tax. ... See MoreSee Less

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1 years ago

SLS Accounting

#FederalBudget2017 – good for small businesses, not so good for big banks. Contact the office and speak to one of our advisors for more information ... See MoreSee Less

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1 years ago

SLS Accounting

One of our directors, Duncan had the enviable pleasure last night of attending a seminar presented by Justin Langer. The presentation was fantastic, but even better was the chance to meet Dr Langer after the event ... See MoreSee Less

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1 years ago

SLS Accounting

Do you have a payment plan in place for your overdue tax debt?

From July the ATO plans to disclose to credit reporting bureaus some debt information of business taxpayers that are not effectively engaged with them to manage their debts.
The measure is designed to encourage taxpayers to pay taxation debts in a timely manner to avoid it affecting their credit rating.

This plan is not yet law so the details have not yet been finalised.

If you have a tax debt and don’t have a payment plan in place, we can assist you with the process of determining what you can afford and negotiating an appropriate plan to ensure that your debt is not disclosed. Call us today. ... See MoreSee Less

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