By Max Newnham Despite the income limit definition of a small business entity increasing from $2 million a year to $10 million a year from July 1, 2016, the income test for accessing the small business capital gains tax (CGT) concessions remains at $2 million. There are in fact two ways that business owners can meet the […]
By Tax & Super Australia The government has made good on a measure announced in its 2017 Federal Budget, and now limits plant and equipment depreciation deductions to outlays actually incurred by investors. In essence, unless a taxpayer as the investment property buyer have physically purchased the assets to be depreciated, they can no longer […]
By Taxpayer As a tax concept, “entertainment” can be relevant not only to fringe benefits tax (FBT), but also to income tax and even goods and services tax (GST). For a business, whether a business expense is “entertainment” will generally also determine whether the cost is deductible. If the expenditure can be shown to be […]
By Tax & Super Australia A business becomes liable for car parking fringe benefits tax where it provides parking for more than four hours on its premises to its employees, and is situated within one kilometre of a commercial car park where the minimum all day cost is more than the current parking fringe benefit […]
By Max Newnham At the same time the GST system was introduced the personal services income rules were also introduced. Where a business is caught by the PSI rules there are severe tax limitations placed on that business. Where a business receives more than 50 per cent of its income from a contract purely for the […]
By Max Newnham When the GST system was introduced the income threshold that required a business to compulsorily register was $50,000. This income threshold was later increased to $75,000. In addition to the income threshold, businesses operating in one industry must register for GST, no matter what income they generate, and if a business wants to […]
By Max Newnham Small businesses, those that have a total annual income turnover of less than $10 million, can use the simplified depreciation rules. They can also use the cash method of accounting, rather than the accrual method, for calculating the profit or loss each year. Under the cash method a business only pays tax […]
By Nicole Pedersen-McKinnon Will the prospect of a $2564 refund motivate you to finally do your tax return, if you haven’t already? That’s the average paid back for the latest full year for which figures are available, 2014-2015, and Australian Tax Office Assistant Commissioner Kath Anderson says refunds are tracking similarly this year. What’s more, 78 […]
By Nina Hendy Emily Duffell has no hesitation in claiming children’s pillows, doona covers and pyjamas on her tax. Decorative wall hangings, bedding and night lights will also be claimed by the mother of two. The Melburne sleep consultant uses the items in promotional videos for her business, Sleepy Starz. “We can’t always use our children’s […]
Along with the new transfer balance cap that is being introduced from July 1 this year, the ATO has indicated that more “events-based” reporting will be required for it to adequately deal with the evolving SMSF regime. Indications that this was a direction that SMSF trustees may be expected to take arose from the […]
