Most students in Australia can defer paying tuition fees by using student loan schemes. The Higher Education Loan Program (HELP) covers a range of student loans that are paid back through the tax system over time once you start earning enough money. The more you earn, the higher your repayments, and these compulsory repayments go…
DetailsThe Business Forum Accelerators serve up the seven most important things to consider when it comes to outsourcing. Outsourcing will be one of the biggest debates in business this year. So combining their knowledge and experience, the Business Forum Accelerators have compiled this must-read list of the seven things to consider when it comes to…
DetailsLegislative amendments to implement a 2015 Budget measure to support small businesses have made their way through Parliament. The legislative amendments will allow a short-term accelerated depreciation write-off up to $20,000 (up from the $1,000 threshold) for assets acquired by small businesses. The increased threshold of $20,000 will apply only to assets first acquired at…
DetailsParliament has passed legislation which will implement a 2015 Budget measure to reduce the company tax rate from 30% to 28.5% for companies that are small business entities with an aggregated turnover of less than $2 million. The company tax rate for corporate unit trusts and public trading trusts that are small business entities will…
DetailsIn relation to 2014/15 individual income tax returns to be lodged this year, the ATO says it will be focusing on: – Unusually high work-related expense claims across all industries and occupations; – Expenses claimed that have already been reimbursed by employers; and – Claims for private expenses such as travel from home to work.…
DetailsThe ATO, supported by NSW and Federal Police, has made surprise visits to over a dozen sites across Sydney as part of an investigation into potentially fraudulent phoenix activity. Recent figures show that phoenix activity costs the Australian economy up to $3.2 billion each year. Honest businesses suffer the most, losing almost $2 billion in…
DetailsThe luxury car tax threshold for the 2015/16 financial year is $63,184. The fuel-efficient car limit for the 2015/16 financial year is $75,375.
Common examples of some sharing economy services include: Renting out or letting a room or other property for accommodation; Renting out or letting car parking space; Providing odd jobs, errands, deliveries or more skilled services on an ad hoc basis; and Using a car to transport members of the public for a fare. The ATO…
DetailsWhere an individual is using part of their home as a place of business, this will affect the application of the CGT main residence exemption when the home is eventually sold. That is, the main residence exemption is effectively reduced (i.e., only a partial exemption applies). However, if that taxpayer does not have an ownership…
DetailsClients with such holiday homes may want to take notice of the following. Claiming deductions on holiday homes The principles that apply to a rental property also apply to a holiday home if it is rented out. If a taxpayer rents out their holiday home, they can claim expenses for the property based on the…
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