Active vs passive assets and the small business CGT concession. The small business capital gains tax concessions are extremely valuable.
Extend the festive cheer (but in a tax- efficient way). The festive season is here again. As with other years it is always brimming with the spirit of giving. The list of practical ways in which Australians spread goodwill is as endless as a Christmas wreath. The ATO also gets into the spirit of the season, but will set some limits.
Don’t let a tax debt put you in a spin. Whether you’re running a business or are just an individual trying to make ends meet, there is nothing worse than finding yourself in a situation where you have a tax debt owing to the ATO, which most likely will also be accruing a general interest charge and perhaps even a shortfall interest charge.
Travel to a workplace: what’s in, what’s out. A recurrent topic of conversation is when taxpayers can claim deductions for travel to a work location, and the eligibility or otherwise of certain claims in regard to that travel.
Lodgment rates & thresholds guide 2016-17 To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place.
$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.