Business Budget 2019-20

Business Instant asset write-off increased to $30k and expanded to businesses under $50m Date of effect 7:30pm (AEDT) on 2 April 2019 to 30 June 2020   The threshold for the popular $20,000 instant asset write-off will increase to $30,000* from Budget night until 30 June 2020 when it will potentially return to its original…

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Car sharing

ATO takes its share of car sharing The extra income earned by people taking part in car sharing services such as Car Next Door or DriveMyCar has come to the attention of the ATO. The car sharing services work by making private cars publicly available in a similar way to other car hire services –…

Ten tax myths

Tax myths busted! With tax season underway, the ATO has identified the top 10 tax myths and misunderstandings it says are causing incorrect claims. Helping Australians get their returns right Assistant Commissioner Kath Anderson says unreliable tax advice is leaving taxpayers exposed. Top of the list is the myth that everyone is entitled to claim a…

Accessing super on compassionate grounds

Compassionate grounds Superannuation benefits can be released on compassionate grounds to meet expenses related to medical treatment, medical transport, modifications necessary for the family home or motor vehicles due to severe disability and palliative care. Funds may also be released on compassionate grounds to prevent foreclosure of a mortgage or exercise of a power of…

Tax time for tradies

Tax time: 4 claims that catch out tradies Every end of financial year tradies prepare their tax returns, and sometimes a big dose of hope comes into play about what can be deducted. Want to avoid the ATO fishing you out? From tools of the trade to travelling back and forth from various jobs, getting…

ute

FBT: utes and commercial vehicles

Utes and commercial vehicle exemption The new safe harbour to avoid FBT When an employer provides an employee with the use of a car or other vehicle then this would generally be treated as a car fringe benefit or residual fringe benefit and could potentially trigger an FBT liability. However, the FBT Act contains some…

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FBT and motor vehicles

Motor Vehicles Using the company car outside of work Just because your business buys a motor vehicle and it is used as a work vehicle, that alone does not mean that the car is exempt from FBT. If you use the car for private purposes – pick the kids up from school, do the shopping, use it…