Depreciation for small businesses
The Bill proposing to extend the $20,000 threshold for the small business instant asset write-off (IAWO) until 30 June 2025 is currently before the Senate. To be eligible for the IAWO, the business must have an aggregated annual turnover of less than $10 million, the asset must cost less than $20,000 (excluding any entitlements to GST credits) and the asset must be first used or installed ready for use for a taxable purpose by 30 June 2025.
Increase in the value of a penalty unit
Many Commonwealth laws (including tax laws) impose penalties based on a multiple of a penalty unit. For example, if convicted of failing to lodge your tax return on time, the maximum penalty is 20 penalty units. This increases to 40 penalty units if it is your second conviction and even more for a third or subsequent conviction.
The value of a penalty unit has increased from $313 to $330 with effect from 7 November 2024.
Australian voters tend to reject US style education favouring more egalitarian systems where income does …