Authoritative and technically accurate information and guidance on all areas of tax

Business tax relief package: What’s in it for SMEs?

Parliament has finally passed most of the business tax relief package announced in the last Federal Budget, but with some amendments. The legislation, which has finally passed the Senate, brings into effect the following changes for small business: Progressive cuts to the company tax rate: The tax rate will be progressively reduced to 27.5% from

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Why the negative gearing issue is not going away anytime soon

Negative gearing is not isolated to property investment, although this is where many if not most Australian taxpayers will associate the mechanism. The fact is that the measure exists within the fundamentals of Australia’s tax system anyway — a deductibility of interest on borrowings made to undertake an investment.  It is nothing more than a

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Allowances for travel (and some common mistakes)

The idea of making allowances to cover the cost of necessary travel by employees is not a new area of tax, but it is becoming increasingly significant, especially with today’s fast-moving and ever more global economy. Businesses are increasingly moving staff around to achieve expansion and build greater ties across greater distances. It can however

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Disposals of assets in small business pools

When a small business stops using a depreciating asset for any purpose or the asset has been disposed of, sold, lost, or destroyed, a “balancing adjustment event” has occurred. The taxable purpose proportion of the termination value must be deducted from the business’s depreciating asset pool balance at the end of the income year. The

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