Accounting & Financial Reporting
Self-education – when is it deductible?
There is no specific provision in the income tax legislation that allows a deduction for self-education expenses. Rather the expenditure falls for consideration under the general deductibility provision of the Tax Act. In broad terms, this allows for, but also limits, deductible expenses to those incurred in the course of earning assessable income. This requires […]
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Discounting your capital gain
The capital gains tax (CGT) discount can reduce by 50% a capital gain that you make when you dispose of (sell) a CGT asset that you have owned for 12 months or more. However, the discount is only available to: The most notable omission from this list is companies. They are not eligible for the […]
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Revitalizing Business Success: Time For a Restructure
The new financial year can be a time when business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimising tax, rather a range of factors should be considered such as asset protection, establishment and ongoing compliance costs, succession planning, and your understanding […]
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2023-24 Federal Budget Summary
Summary of tax and superannuation measures On Tuesday, 9 May 2023, Treasurer Jim Chalmers handed down the 2023-24 Federal Budget, his 2nd Budget, which follows the October 2022 Budget. Here are the tax-related measures announced. Tax-related measures for small business The Government will temporarily increase the instant asset write-off threshold to $20,000 from 1 July […]
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New Work From Home Deduction Rules
The ATO issues new draft policies for calculating work-from-home expenses The ATO has issued new draft guidelines around a new method (the revised fixed rate method) of calculating work-from-home running expenses from 1 July 2022 (as an alternative to calculating the actual work-related portion of all running expenses). The new revised fixed rate method will […]
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Switching Home Loans
With interest rates increasing quite rapidly, homeowners are being encouraged to look around for a better deal on their home loan. ASIC has recently released some tips if you are doing so. Ask your current lender for a better deal Tell your current lender you are planning to switch to a cheaper loan offered by […]
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