By Max Newnham There is often a misconception that when someone starts a business they can deduct a lot more expenses than when they were an employee. Nothing could be further from the truth. For any amount to be deductible there must be a link between the expense and the income earned. There are however some […]
By SUNCORP Hundreds of thousands of Australian small businesses will have a little more cash left in the kitty next June after corporate tax cuts were confirmed in the recent federal budget. Treasurer Scott Morrison used his second budget to restate the Turnbull Government’s strong commitment to reducing the tax burden on small businesses. Other positive […]
Lease incentives are commonly used by landlords to entice tenants to enter into a lease. The most common type of lease incentive relates to new tenancies in commercial buildings. These inducements can take many forms, including upfront cash payments, non-cash items such as motor vehicles or boats, expensive paintings, holiday packages, rent-free or rent-discounted […]
The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you will be able to provide evidence that you purchased the clothing concerned, and will […]
The obscure deductibility gem alluded to in this article’s headline is in fact true. It was about 1990 when the ATO was asked about the tax deductibility of interest on a loan a business may have taken out to repay a tax debt. Borrowed money to pay your business tax debt? It was the […]
By: Max Newnham Some business owners make the mistake of regarding the Australian Tax Office as the enemy. It can be said the ATO at times places an unfair interpretation on income tax legislation to maximise revenue collection. But on the whole, when the ATO is dealt with in a reasonable manner, that is the way it will […]
By: Max Newnham It is an unfortunate fact of life that too often business owners have a total aversion to paying income tax. This can lead to earning too much black money, that the owners hope to hide from the tax man, and also can result in tax deductions being maximised without considering whether the cost […]
By: Max Newnham There is a misconception that it is easier to claim a tax deduction for expenses in a business rather than as an employee. Nothing could be further from the truth. Just because a person runs a business does not make it any easier to claim expenses, especially with regard to claiming motor vehicle […]
By: Steve Burnham Including a car in a salary package is a popular remuneration arrangement, and doing so as part of a salary sacrifice package will often give rise to a “novated lease”. Costs in operating the vehicle can also be salary sacrificed. This is typically referred to a fully novated lease. Car salary packages, […]
By: Steve Burnham Putting your money into bricks and mortar has been a traditional stalwart of investing for generations of Australians, and continues to be viewed as a solid place to park spare cash and build wealth in the long term. For many years a lot of us seem to have heeded the quote attributed […]
