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LBW is one of Geelong’s largest and most reputable accounting firms which in itself has been serving the business community for over 25 years.
On 9 May 2017, the Government announced an extension to the 2015-16 Budget measure providing an instant asset write-off provision for small business.
Small businesses can immediately deduct the business portion of most assets if they cost less than $20,000 and were purchased between 7:30PM on 12 May 2015 and 30 June 2018.
This deduction can be used for each asset that costs less than $20,000, whether new or second-hand. You can claim the deduction through your tax return, in the year the asset was first used or installed ready for use.
The current 'lock out' laws for simplified depreciation rules will continue
LBW Chartered Accountants is experienced in the audit of all types of organisationsin different industries. We also audit public sector and not-for-profit organisations such as local councils, co-operatives, indigenous organisations, charities, foundations, professional associations and trusts.
As the Government encourages Australians to take responsibility for and reach their retirement goals, a majority of Australians are now required to choose their own superannuation funds.
Self Managed Superannuation Funds (SMSF) are probably the most popular means of saving for retirement (especially if you have your own business). It allows you to take control of your investment strategy (e.g. direct property investments), reduce tax and control administration costs.
