In the recent Federal Budget, the government announced a series of measures to assist small businesses, with one of these being an immediate write-off for depreciating assets that cost less than $20,000.  This measure, which has now been written into law, applies from the 2015 Budget night (7.30pm, May 12) to June 30, 2017. At...

Here are some misconceptions about deductions that many taxpayers commonly believe to be claimable, but are typically rejected by the Tax Office. While some are obviously not allowable, they have all been genuinely attempted to be claimed — and in most instances knocked back. Other disallowed claims, however, may surprise. While the Tax Office may...

Many of us look forward to an annual getaway, either to the beach or the bush, as the best way to unwind and re-charge after another tiring year. While having a holiday house is a luxury that a lucky few may be fortunate enough to be able to own outright, for many Australians having a...

They say that the best insurance is the one that you never make a claim on, and it seems that many self-managed superannuation fund (SMSF) trustees had in the recent past mistakenly taken this to mean that not having any insurance cover at all was a viable option (a relatively recent review of the sector...

While it might be a tough topic to broach, it is inevitable that someday you will leave your business. You can’t know whether you’ll sell up, retire or leave due to health reasons, so is important that you prepare yourself for any eventuality. A recent nationwide survey by the Australian Centre for Family Business at...

The government this month introduced into Parliament a bill to establish an independent Australian Small Business and Family Enterprise Ombudsman. If passed by the Senate, it will replace the existing Australian Small Business Commissioner as an advocate and assistant to the sector. The government first announced details of the Ombudsman in 2013, intending that it...

As a general rule, travel from your home to your workplace is not allowed as a deduction because it constitutes a “private expense”. There are however circumstances when you may be entitled to claim some of these travel expenses, or even travel costs to an alternative workplace. But it is a minefield that needs to...

The Tax Office issues guidance every year for business owners on the value it will accept as estimates of the value of goods taken from trading stock for private use by taxpayers in certain industries. The table below should be used to work out these values for the 2014-15 income year.   Type of business...

There are a variety of decisions that are required to be made at year end to manage your tax bill.  Your choice will be based on your businesses activities both past and future and also when you are looking to exit. In relation to deductions, the general rule is that you can claim deductions for...

This financial year is almost over, but there are still tactics you may be able to employ to make sure you pay the right amount of tax for the 2014-15 year. While the best strategies are adopted in July (that is, as early as possible in a financial year and not at the end), it’s...