From the desk of Sonia Gibson
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Purchased A Car In Your Business Recently? What You Need To Know
As part of the Government’s Covid-19 economy stimulus package, the Government increased the instant asset write-off thresholds for depreciating assets to $150,000 for some businesses, and from 6 October 2020 until 30 June 2022, certain businesses are also entitled to the temporary full expensing of depreciating assets. This has encouraged more businesses to make an investment in cars and other motor vehicles.
Can I Claim That? A Guide To Tax Deductible Business Costs
The number one question we get asked is “what business costs are tax deductible?” The simple answer is – money spent on costs to run your business, that are not capital (for example, land buildings, plant and equipment) or personal are tax deductible. But it is not that simple. Australia has over 6,000 pages of tax legislation! Here, in 2,000 words is our very brief summary of tax deductible business expenses.
Superannuation, Too Costly To Be Out Of Sight Out Of Mind
Over the past few months there has been a great deal of focus on large companies not paying their employees correctly. I thought it a timely reminder to take a deeper look into an area that we see many small businesses fall short when it comes to employee entitlements, and that is super.