Draft legislation closely tied to the repeal of the Minerals Resource Rent Tax (MRRT) has been cleared by the lower house of Parliament and if fully legislated, as is expected, will mean the present instant tax write-off for “individual” assets costing less than $6,500 (GST exclusive) will be reduced back down to $1,000. This measure...

Most business owners know that they can claim a deduction for paying a registered tax agent to prepare and lodge their tax return. However many may not know that the regulations that provide for this deduction operate in a different way compared with other tax rules that allow expenses. Why should taxpayers care which particular...

Start up businesses need to make one important decision from the outset – what type of business set-up will suit you best? You’ve got a choice of four basic business structures – sole trader, partnership, company or trust. Of course, there are also more sophisticated structures out there, but most possible structures are essentially hybrids...

There’s a warning that sharemarket investors will hear at least once in their lives in some form or other ­– base decisions on investment merit, not on trying to save tax. It’s a maxim that has been put a more colourful way: Don’t let the tax tail wag the investment dog. Wise words; but don’t...

It is typical for people to consider stamp duty, land tax and income tax implications when they sell a property, but remember that it is equally important to consider whether the transaction will be subject to goods and services tax (GST). One important thing to remember is that there is now a single test that...

Each year, the Tax Office reports that work-related expenses are the most common type of tax deduction claimed, and it also reports that one of the most popular of work-related claims is for vehicle expenses. Vehicle expenses are a very regulated area for claiming deductions, so good guidance on making car expense claims is essential...

The current FBT year is just wrapping up, and it has been a period of potential turmoil with the proposal to scrap the statutory formula method for calculating car benefits. However not long after this landed on the legislative table it was swept off it again by the current government. So the status quo remains...

A recent decision by the Full Federal Court dealt with the goods and services tax (GST) treatment of four types of manufacturer incentive payments made to a car dealership. However the decision, and the Tax Office’s response, is likely to have an impact in the wider market, not just in the motor vehicle dealership industry....

A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur. Partnership...

Did you know you may have to fork out $10,200 if you lend money to a fellow self-managed superannuation fund (SMSF) member or a relative who is in dire need of some financial assistance? Or $1,700 for a breach as minor as failing to keep adequate records? The countdown is on, with only around four...