By: DOMINIC POWELL The skies are dark, the sales are on, and every ringing phone strikes fear into the hearts of Australia’s accountants. Yep, it’s that time of year again — tax time. For the handful of small business owners who are confidently across their finances and tax obligations (must be nice), the end of financial year […]
By Max Newnham Just before the end of the financial year profitable businesses often look for tax deductions that will reduce the income tax that they pay. Depending on whether the business profit is taxed at the company rate or taxed at the individual marginal rates, a better tax result could be achieved by delaying a […]
By: Pam Madytianos Normally we do a spring clean, but with business, we need to do a financial year clean. As you dash towards the EOFY finishing line, it’s a great opportunity to get your business in shape. Here’s your list of things to tidy up this end of financial year. Six ways to maximise deductions 1. […]
By Olivia Maragna As we near the end of another financial year, now is the time to start looking at your tax return. If your heart missed a beat when you read that, don’t be alarmed. While tax time can be a stressful period for small business owners, there are many things that you, as a business owner, can […]
By: Noel Whittaker In recent columns I have extolled the virtues of the change in superannuation rules that allow you to claim a tax deduction for personal concessional contributions even if your employer is contributing for you. But make sure you take advice before you make the contribution. It’s a minefield of paperwork, and getting it wrong could […]
By Max Newnham Successive federal governments have recognised the importance of the small business sector to the Australian economy. As a result a number of income tax and capital gains tax incentives have been introduced to assist small businesses. The definition of a small business has changed over the years, and now there are effectively three […]
By Steve Burnham What types of legal expenses are tax deductible? When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by […]
By Anthony Keane AS tax time approaches, Australians are thinking about collecting receipts and other records to help them get a handy refund soon. Receipts are the easiest way to satisfy the Australian Taxation Office that your deduction is real, but there are some deductions where receipts are unnecessary or impossible to get. The ATO […]
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 […]
