Salary sacrificing a “company car” is a popular option, however you may not be aware that there is also a tax and health incentive with another particular set of wheels — an electrically assisted bicycle (e-bike). An e-bike is defined…
The Tax Office is seeking comments regarding a draft list of additions to its capital allowances effective life determinations to tie in with the annual tax ruling. Topping the list of new “things” are 3D printers, including “additive manufacturing” printers,…
When claiming for work-related car expenses, many taxpayers miss out on maximising their claim due to inadequate record keeping. But also, failing to maintain a valid car log book can cost taxpayers dearly in a Tax Office audit. The car…
Most businesses have an online presence – whether to advertise their business or allow customers to purchase goods or services. Websites vary in costs and complexity – from a simple “skin” to a retail site that you may have engaged…
Got your car log book ready? When claiming for work-related car expenses, many taxpayers miss out on maximising their claim due to inadequate record keeping. But also, failing to maintain a valid car log book can cost taxpayers dearly in…
Tax Office about to make some private companies a little less private Recent changes to the law now requires the Tax Office to publish income tax information for Australian-owned resident private companies that report a total income of $200 million…
If you recently have or ever plan to apply for certain tax offsets, concessions or government benefits, the basis for eligibility can be determined based on your “adjusted taxable income” (ATI). For example, the ATI is used to assess entitlement…
Australians have a long history when it comes to age pension schemes. The first national pension scheme in Australia was formed in 1909 and provided the grand sum of £1 per fortnight for men over the age of 65. As…
The Tax Office has finally provided clarity on the need for self-managed superannuation funds (SMSF) in obtaining actuarial certificates where an SMSF converts to pension phase. According to the Tax Office, the SMSF does not need an actuarial certificate in…
The temporary $20,000 immediate write-off for “small business entities” attracts regular queries, even though it has been many months since the initiative was first announced with the Federal Budget early this year. While most inquiries relate to claiming the immediate…