Unbundling phone and internet expense claims for work purposes Individuals can claim deductions for mobile, home phone and internet expenses that have been incurred for work purposes. However, correct apportionment for work use is a key issue. According to the ATO, as there are many different types of plans available, taxpayers need to determine their […]
If you run a business, it’s possible that you are operating on a relatively limited budget. Whether sales are slow in your business or you are trying to pay back loans you took out to cover your start-up costs, it’s in your best interest to conserve money wherever you can. To keep your business operating […]
The Australian Government has partnered with AusIndustry to offer companies that perform research the opportunity to gain additional tax concessions through the Research and Development Tax Incentive. If your company has performed any research throughout the year, is working on developing a new idea or has been developing software, you may be eligible for the […]
This issue of Client Alert takes into account all developments up to and including 17 September 2015. Excessive deduction claims on holiday homes on ATO hit list The ATO is increasing its focus on holiday home investors and, in particularly, whether they are correctly claiming deductible expenses. The ATO has recently advised that it will […]
Excessive deduction claims on holiday homes on ATO hit list The ATO is increasing its focus on holiday home investors and, in particular, whether they are correctly claiming deductible expenses. A key concern is when people make claims for expenses when the property was not available for rent. The ATO has recently advised that it […]
Here is when a human expert is not always best. In an increasingly connected world, argues investment strategist, academic and writer Michael Mauboussin, experts add less and less value to predictions. They are being outcompeted by computers on the one hand, and collective wisdom on the other. Back in 2008, Mauboussin dubbed this trend “the […]
Small business Budget measures now law The following small business tax measures announced in the 2015-16 Federal Budget have passed into law: Company tax rate cut – The tax rate for companies with an aggregated annual turnover of less than $2 million will be reduced by 1.5% (ie from 30% to 28.5%) from the 2015-16 […]
Personal income tax cuts repeal As part of the introduction of the carbon tax, two rounds of personal income tax cuts were to occur. The first round commenced on 1 July 2012. However, the second round of personal income tax cuts, scheduled to have begun on 1 July 2015, have recently been repealed. The second […]
Small business tax discount on the way The Tax Laws Amendment (Small Business Measures No 3) Bill 2015 (No 3 Bill) was introduced in the House of Representatives on 24 June 2015. The No 3 Bill proposes to provide a tax offset (the small business income tax offset) to individuals who run small businesses (businesses […]
Small business tax discount on the way In a surprise – but welcome – move in the 2015 Federal Budget, the Government announced a small business tax discount. The Government said that, with effect from 1 July 2015, individual taxpayers with business income from an unincorporated business that has an aggregated annual turnover of less […]