Small business accelerated depreciation: Small businesses with a turnover of less than $10 million that use the general pool to depreciate their low-cost assets can now write off assets costing less than $20,000 provided they were bought after 7.30 pm on 12 May 2015. This will last until 30 June 2018. Existing pools with a balance less than $20,000 can also be written off.
Taxpayers claiming business use of their car need to either provide a reasonable estimate of the number of business kilometres travelled (limited to 5,000 km) or keep a logbook to record the business percentage with all receipts kepts.
Medical expense tax offset is now only available for expenses related to disability aids, attendant care and aged care. From 1 July 2019 this offset will no longer be available to anyone.
Temporary budget repair levy is still applied at the rate of 2% for income over $180,000. Note that even if your income is over $180,000, the levy only applies to that portion that exceeds $180,000. This levy will cease for the 2017-18 income tax year.
Health care rebate thresholds have been frozen for six years from 2015-16 to 2020-21 at the 2014-15 levels. This will reduce the rebate received if your income increases.
Mobile phone deductions will also be looked at if you would like to claim these expenses as a deduction, remember to bring in a log book (telephone bill, to chart business percentages)
Entertainment fringe benefits are reportable and the grossed up amount will be added to your assessable income. This is worth noting if you are trying to stay below the Medicare Levy Surcharge thresholds and HELP repayment thresholds.