I want to claim travel expense deduction but what is travel allowances? 

Travel these days are so much easier and frequent for work and business related purpose. A travel allowance is payment to employee to cover for food, drink, accommodation or incidental expenses while they travel away from their home overnight or longer to do their work. In most situations of claiming other deductions, a taxpayer will … More I want to claim travel expense deduction but what is travel allowances? 

Property inspection travel deductions

Recently there were some changes made to deductions of travel expenses available to landlords when making inspections of the property. The ATO website states from 1 July 2017, travel expenses related to residential investment property is not deductible. In a recent Tax Wrap podcast there was a question raised regarding a man attending a Annual … More Property inspection travel deductions

Tax incentives for investors in start-ups

Eligible investors who buy shares at an early stage of a start up company is entitled to carry-forward tax offset of 20% of the qualifying investments they have made. There are different caps for sophisticated investors and non sophisticated investors. There is Capital Gains Tax relief also available. There are some criteria to qualify as … More Tax incentives for investors in start-ups

Christmas and tax

Benefits associated with Christmas for employees: Christmas Parties Gifts to employees Cash bonus A FBT (Fringe Benefit Tax) tends to apply to an employer when they provide a benefit to an employee or their associate. If the FBT liability is otherwise deductible then the liability can be totally or partially eliminated. Benefits related FBT are … More Christmas and tax

Taxing in Gambling

Generally, gambling with the exception of limited circumstances has not been taxable or tax deductible. There were cases such as Evans vs Federal Court of Australia where the court found that even though tax payer gambled frequently, it did not fulfil the criteria of carrying on a business. The criteria was that it had to … More Taxing in Gambling

Negative Gearing

Definition of negative gearing Negative gearing allows owners who invest properties to use the loss that made by holding this property to offset owners’s other assessable income such as their salary. All owners have the expectation that they will make a profit by investment properties, the appreciating in value of the property is subject to … More Negative Gearing

Tips for navigating the small business Capital Gain Tax concessions

All structures including companies, trusts, partnerships and sole traders can access the small business CGT concessions, which are one of the best exit strategies and advisers should consider how their advice may impact their client’s ability to access and maximize the concessions in the future. In addition, due to the fact that small business CGT … More Tips for navigating the small business Capital Gain Tax concessions