The latest news and information from the Summerhill Financial Management Team
For those required to travel for their work and business, they may be paid a travel allowance from their employer to go towards covering their costs whilst travelling away from home. Generally, allowances received may be considered to be income and required to be declared in the tax return, with then the ability to claim deductions for costs incurred to which the allowance is being paid. (more…)
As reported in our last newsletter, the federal government introduced an investment allowance for businesses that purchase new plant and equipment. The allowance would enable businesses to claim an extra tax deduction equal to 50% of the cost of the new plant and equipment. (more…)
The Tax Office has released its annual compliance program for the coming 2010 year. The purpose of this is for the Tax Office to outline the continuing areas that the ATO will focus on, as well as additional areas of “interest” to the Tax Office that will be given specific attention. (more…)
Much has been written of the Federal Government’s recent Federal Budget and the changes proposed, and we provide our comments on some of these announcements below: (more…)
The recent Federal Budget made no changes to the previously announced personal tax rate scales. As a reminder, we have listed the income tax rates to apply from 1 July 2009 below, as well as the change to the income that can be earned by minors (under age 18). (more…)
For small business operators interested in buying new cars, the new investment allowance will be of interest to you. (more…)
As reported in our last newsletter, the federal government announced in December 2008 an investment allowance would be made available for businesses that purchase new plant and equipment. The allowance would enable businesses to claim an extra tax deduction as a percentage of the cost of the new plant and equipment. (more…)
For those that are running businesses and want an incentive to go purchase some new depreciable assets for the business, read on. (more…)
