Are you claiming a business loss at tax time? Why your business tax loss may be denied … Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays not to stray too far from the generally accepted rules regarding tax losses — there are Read More…
2-Minute Quiz On Partnership Tax
Taxation on partnerships – how well do you understand it? Take this 2-minute quiz about Partnership Tax: Question 1 – Which of the following is the definition of a tax law partnership? An association of persons (other than a company or a limited partnership) carrying on a business in common with a view to profit An Read More…
Is Your Insurance Premium Tax Deductible?
Can you claim a tax deduction for insurance premiums? As a general guideline, the ATO will allow a deduction for certain insurance premiums if you can show that the insurance cover relates to earning assessable income. In other words, life insurance, trauma insurance or critical care insurance are generally not claimable. Income protection insurance is Read More…
Strategise In Advance | Tax Time 2019
Tips to better prepare for Tax Time 2019 Keeping receipts for all expenses and possible tax deductions is a smart step you can take to help you with your tax return. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes. Read More…
Duties And Taxes When Buying Online Overseas
Duties and taxes apply to online overseas shopping Items that you buy over the internet from an overseas source are generally required to abide by the same rules and screening processes that apply to any other “import”. Also, the usual duties or taxes should apply. Customs duties are regulated by the Department of Home Affairs Read More…
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