Archives for April 2017

Gumtree sourced assets, and the realities of making a claim

A recent case before the Administrative Appeals Tribunal (AAT) brought into focus a growing phenomenon that you should keep in mind for work-related or business expense deduction claims, especially where the acquisition of claimable assets is made in a certain way. THE ENGINEER AND HIS “INVOICE” The AAT case involved a taxpayer’s attempt to make [Read more…]

Simplified depreciation rules for small business

The simplified depreciation rules are attractive for small businesses as, among other things, they allow an immediate write-off for assets costing less than $20,000. In contrast, tax paying entities that do not qualify as a small business must use the general depreciation rules (also known as the uniform capital allowance rules), where certain assets need [Read more…]

Getting deductions for clothing and laundry expenses right

The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you will be able to provide evidence that you purchased the clothing concerned, and will have [Read more…]

What is your “total superannuation balance” and why does it matter?

Recent superannuation reforms introduced a concept of “total superannuation balance”, which on the surface may give the simple impression that it is the sum of the balances of a person’s superannuation interests. However, this is not the case. What is the total balance relevant for? The total superannuation balance is relevant in determining a super [Read more…]

Identifying a good investment property

Most of us have heard the saying ‘Location, location, location’, but have we thought about what it actually means? Is it the only factor when considering buying an investment property? Location, location, location There is no doubt that location is one of the most important factors in determining a good investment property. It influences your [Read more…]