deduction

Deductions for donations — up to a point

  Most taxpayers are aware that donations of $2 or more are deductible, and there is flexibility in the rules around donating to emergency relief bodies in that no receipt is required if giving less than $10 (so called “bucket” donations). For taxpayers to be able to claim a tax deduction for a donation or

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Interest deductibility after income-producing activity ceases

  An issue that sometimes arises for business owners is whether interest expenses incurred on borrowed funds used in a business remain deductible after the business’s income earning activities have ceased. As a general rule, in order for interest expenses to be deductible in the relevant income year, a taxpayer is generally required to demonstrate

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A commonly forgotten tax deduction: Association fees

  A commonly forgotten tax deduction is for subscription or membership fees to an association or union, which affects many professionals, business or trades people who will probably be members of some sort of association.  See taxation ruling TR 2000/7. Broadly, the test for deductibility under the rules is whether the payment is an outgoing

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Immediate deductions for start-up costs

Certain start-up expenses, including costs associated with raising capital, that would otherwise be deductible over five years are immediately deductible (from July 1, 2015) where they are incurred by an SBE or an entity that is not in business. Immediate deduction for start-up costs Before this date, business capital expenditure, including start-up expenses, was deductible

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