$20,000 write off is only available for small business, unless..... There is an under-used gem hidden within the small business simplified depreciation rules that in some circumstances can widen the opportunity to access this valuable deduction.
Gumboots? check. Akubra? check. Tax status?....... Hobby farming is a lifestyle choice that has been around for years and looks like an option that, if anything, is on the increase.
Maximise your claim: Overlooked property deductions for investors. Many investment property owners may be missing out on valuable property depreciation entitlements, simply by not being up-to-speed on what is and is not depreciable.
Last-minute tax planning for individuals. The current financial year is almost at an end, but there are still strategies you may be able to put into play to ensure you pay not one cent more tax than is necessary for your 2015-16 income year.
SMSF Advice – removal of the accountants. You may be aware of the changes taking place in the accounting industry in relation to the provision of Self-Managed Superannuation Fund (SMSF) and superannuation advice in future.
Federal Budget 2016 wrap up. The Budget has a few sweeteners, but not so much that will turn anyone hyperactive.T he welcome news is that the turnover threshold for classifying a “small business entity” will increase from $2 million to $10 million.
FBT exemptions under the radar. Providing fringe benefits goes hand-in-hand with the task of retaining good and loyal employees as well as attracting new talent for your business. However the types of benefits provided can sometimes relieve the compliance headache
Business assets, personal use? Is there a problem with using your company’s assets for yourself? Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as “Division 7A”.