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ATO warns on ‘copy/pasting’ claims

The Tax Office has issued a warning to taxpayers who opt for “copy-pasting” work-related expense claims, like those accrued for travelling between work sites, or laundering uniforms, while they have been working from home. “You can’t simply copy and paste previous year’s claims without evidence. But we know some of…

Limit on a deduction for the decline in value of second-hand depreciating assets

If you use second-hand assets to earn rental income from your residential rental property, you cannot claim a deduction for their decline in value unless: you are using the rental property in carrying on a business (including a business of letting rental properties), or you are : a corporate tax…

Business Basics grant

The Business Basics grants program provides support to businesses to increase core skills and adopt best practice. Grant funded activities must be in one of five priorities: Training and coaching Website build/upgrades Professional business advice Strategic marketing services Business continuity and succession How much can you apply for? If successful,…

Loans for Primary Producers

The Regional Investment Corporation (RIC), backed by the Australian Government, are providing farmers and farm-related small businesses with loans at low interest rates. These include: AgriStarter Loan Drought Loan Farm Investment Loan AgBiz Drought Loan Further details for each loan are provided below. If you have any questions in relation…

The 2021-22 Federal Budget: The Balancing Act

The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. Key initiatives include: Extension of temporary full expensing and loss-carry back providing immediate deductions for business investment in capital assets Introduction of…

Primary Producers – 2021 Year End Tax Planning Series

As we move towards the end of the 2021 financial year, it is a good idea to start considering what tax planning strategies to put in place now to minimise your tax liability. In the last part of this eight-part series, we will outline a number of suggestions that may…

Individuals – 2021 Year End Tax Planning Series

As we move towards the end of the 2021 financial year, it is a good idea to start considering what tax planning strategies to put in place now to minimise your tax liability. In the seventh part of this eight-part series, we will outline a number of suggestions that may…

Trusts – 2021 Year End Tax Planning Series

As we move towards the end of the 2021 financial year, it is a good idea to start considering what tax planning strategies to put in place now to minimise your tax liability. In the sixth part of this eight-part series, we will outline a number of suggestions that may…

Luxury Car Tax Changes

There have been recent changes made to the Luxury Car Tax (LCT) that affect all luxury cars in Australia. LCT is an additional tax and charged at a rate of 33% on top of the cars retail price once it exceeds the LCT threshold. Primary producers From 1 January 2020 primary…

Companies – 2021 Year End Tax Planning Series

As we move towards the end of the 2021 financial year, it is a good idea to start considering what tax planning strategies to put in place now to minimise your tax liability. In the fifth part of this eight-part series, we will outline a number of suggestions that may…