Some joy for the little guy/generation Ys out there to allow self education costs to be claimed against youth allowance received.
It’s a case similar to the movie “The Castle” where the little guy/lady takes up the challenge and fights his/her case on their own against the resources of a larger institution, and in this case, against the Australian Taxation Office (“ATO”). (more…)
Trusts, and more specifically family or discretionary trusts are a key strategy for many Australian taxpayers wanting to legitimately minimize their tax positions, and also to protect their wealth against attack. However, they are under the microscope again of the Tax Office again as they try to reduce their effectiveness.
Just a reminder of the impending deadline for those that are running businesses and want an incentive to go purchase some new depreciable assets for the business (whether that be a new laptop or new vehicle for the business). (more…)
A recent full Federal Court decision has confirmed the opportunity for students to claim their costs of study as a tax deduction, where those students receive the youth allowance.
The case involved a student that was in full time university studies. The student had a part time job to help support herself through her studies as well as received a youth allowance from the Federal Government. (more…)
For those required to travel for their work and business, they may be paid a travel allowance from their employer to go towards covering their costs whilst travelling away from home. Generally, allowances received may be considered to be income and required to be declared in the tax return, with then the ability to claim deductions for costs incurred to which the allowance is being paid. (more…)
As reported in our last newsletter, the federal government introduced an investment allowance for businesses that purchase new plant and equipment. The allowance would enable businesses to claim an extra tax deduction equal to 50% of the cost of the new plant and equipment. (more…)
The recent Federal Budget made no changes to the previously announced personal tax rate scales. As a reminder, we have listed the income tax rates to apply from 1 July 2009 below, as well as the change to the income that can be earned by minors (under age 18). (more…)
For small business operators interested in buying new cars, the new investment allowance will be of interest to you. (more…)
As reported in our last newsletter, the federal government announced in December 2008 an investment allowance would be made available for businesses that purchase new plant and equipment. The allowance would enable businesses to claim an extra tax deduction as a percentage of the cost of the new plant and equipment. (more…)
For those that are running businesses and want an incentive to go purchase some new depreciable assets for the business, read on. (more…)
