In a ground breaking win for property developers, a recent NSW Court of Appeal decision found that land held for future development but used for grazing, can be exempt from land tax. If you visit I Buy Pueblo Houses online or any other property developer, make sure that you investigate about it.
Here are some common misconceptions about deductions that many taxpayers commonly believe to be claimable, but are typically rejected by the Tax Office. While some are obviously not allowable, others may surprise – and all been genuinely been attempted to be claimed!
Here are some common misconceptions about deductions that many taxpayers commonly believe to be claimable, but are typically rejected by the Tax Office. While some are obviously not allowable, others may surprise – and all been genuinely been attempted to be claimed!
03
Jul 2015
Accelerated depreciation for primary producers
For income years commencing on or after 1 July 2016, the Government will allow all primary producers to immediately deduct capital expenditure on fencing and water facilities, such as dams, tanks, bores, irrigation channels, pumps, water towers and windmills. In addition, the Government will also allow primary producers to depreciate over three years all capital expenditure on fodder storage assets, such as silos and tanks, used to store grain and
02
Jul 2015
ATO Fake Debt Scam
Many scams prey on people’s greed to entice them into handing over their cold hard cash in return for the promise of a pay day, but in a new twist, fraudsters are claiming to be the Australian Taxation Office (ATO) and using fear to manipulate people into payment of fake debt.
02
Jul 2015
FAQ: $20k instant write-off
Following the Federal Governments recent budget announcement regarding the $20,000 immediate asset write-off, there has been a lot of interest in the details. In this post we address some of the more common queries.
02
Jul 2015
FAQ: $20k instant write-off
Following the Federal Governments recent budget announcement regarding the $20,000 immediate asset write-off, there has been a lot of interest in the details. In this post we address some of the more common queries.
01
Jul 2015
Work-related car expenditure options reduced
From 1 July 2015 taxpayers will only have two methods available to calculate and claim their work-related car expenses – the cents per kilometre and log book methods. Additionally, the sliding scale of deductions available under the cents per kilometre method based on vehicle engine size will be removed and replaced by a flat rate for all vehicles. The change is expected to result in budget savings over the forward
01
Jul 2015
Work-related car expenditure options reduced
From 1 July 2015 taxpayers will only have two methods available to calculate and claim their work-related car expenses – the cents per kilometre and log book methods. Additionally, the sliding scale of deductions available under the cents per kilometre method based on vehicle engine size will be removed and replaced by a flat rate for all vehicles. The change is expected to result in budget savings over the forward
21
May 2015
Fellow of the CPA
We were fortunate earlier this week to witness the induction of our Principal, Lloyd Priddle, as a Fellow of Certified Practising Accounts (CPA) Australia. Founded in 1886, CPA Australia is one of the world’s largest accounting bodies, with more than 150,000 members across 121 countries. Core services to members include education, training, knowledge exchange, technical support, networking and advocacy. Only highly-experienced CPAs can become a Fellow of CPA Australia (FCPA), so