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The ATO have issued a warning of scammers impersonating ATO employees to obtain personal information for financial gain.

Please click here to read the full article.

Australian farmers can now claim a tax deduction on all capital expenditure on water facilities, fodder storage assets and fencing incurred since the 2015 Budget was handed down at 7:30pm on 12 May. 

Farmers can fully deduct the cost of water facilities and fencing in the year they are purchased and deduct the cost of fodder storage assets over three years.

Farms with a turnover of less than $2 million qualify as a small business and are therefore also eligible to immediately write-off all asset purchases up to $20,000. 

The government have brought forward these changes to begin from 1 July 2016 to 12 May 2015.  For the full article click here.

In the budget this year the Government announced they will allow small businesses with a turnover of less than $2 million to immediately deduct each asset that costs less than $20,000. The legislation will backdate eligibility to Budget night, Tuesday 12 May 2015, so that assets acquired on or after 7:30pm (AEST) on that night will be eligible for the concession. For more details click here.

 

If you are an employer or have a Self-Managed Superannuation Fund now is the time to make sure you are finalising your Superstream preparations.  Click here for more information.

Want to know the proportion of SMSFs with fund balances below $200,000; between $200,000 and $1m and above $1m? Click here to find out.

Changes have been announced to improve scrutiny and reporting of foreign purchases of agricultural land. 

For more information please click here.

The ATO are pushing for the biggest corporations to audit themselves.

To read the full article please click here.

To read about the new changes from 1 Janaury 2015 to the Seniors Health Card please click here.

The ATO have made it easier to make payments. Please click here for your available options.

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