The CGT relief concessions that are available to small businesses can be very generous. However they can also be complex and confusing, so knowing a few of the finer details can go a long way to ensuring your small business…
Click here for a pdf version of this article. Look before you leap: the small business CGT concessions The CGT relief concessions that are available to small businesses can be very generous. However they can also be complex and confusing,…
Deduction for association subscriptions — eligibility can endure into retirement Many professional, business or trades people are members of an association, and during their working life subscribe to an appropriate organisation. Deduction for association subscriptions In most cases the membership…
The law contains an integrity measure to prevent sharemarket investors from engaging in “dividend washing”. Dividend washing results in two sets of franking credits being claimed on what is effectively the same parcel of shares in publicly listed companies. The…
One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement…
The death of a parent is hard on all those involved, however once the grieving has eased, a time comes to address financial matters. One of these issues can be what happens to any superannuation they have left. Making things…
Interest can be claimed for the cost of funds borrowed to purchase a rental property and to meet maintenance costs or running expenses while the rental property is being let (or is available to be let) under a commercial arrangement…
Certain start-up expenses, including costs associated with raising capital, that would otherwise be deductible over five years are immediately deductible (from July 1, 2015) where they are incurred by an SBE or an entity that is not in business. Before…
A travel allowance is a payment made to employees to cover accommodation, food, drink or incidental expenses they incur when they travel away from their home overnight in the course of their duties. In most circumstances, when claiming other deductions,…
When a life insurance policy has been held by a taxpayer for 10 years or longer, reversionary bonuses received on that policy are generally tax-free. For policies held for less than 10 years, stipulated amounts are included in the taxpayer’s…