depreciation

Peer-to-peer sharing economy sourced assets, and the realities of making a claim

  The now common and still growing phenomenon of peer-to-peer goods exchange sites such as Gumtree or Facebook groups can throw up some interesting scenarios regarding the acquisition of claimable assets and the consequent work-related or business expense deduction claims. In the case of Gumtree, for example, the online buy-and-sell site has enjoyed increasing usage

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Changes to the depreciation of intangible assets

Business taxpayers will know that asset depreciation is an important aspect to their business’s tax health and longevity. Changes to depreciation of intangible assets  However the importance, and revenue generation role, of knowledge-based or intangible assets has become much more common in the modern business landscape. Innovative companies know that changes in the economy, including

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Accelerated depreciation for small business gets extended

In the 2015-16 federal budget, the government increased the small business immediate deductibility threshold from $1,000 to $20,000, which was originally due to end at June 30, 2017. But a law amendment bill has recently been passed by Parliament (here it is) that extends that measure by 12 months until June 30, 2018, after which

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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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