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Businesses Immediate Deductions Extended

Immediate Deductions Extended

Emma Zajac
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Temporary full expensing enables your business to fully expense the cost of the below listed, in the first year if use:   new depreciable assets improvements to existing eligible assets, and second hand assets Introduced in the 2020-21 Budget and now extended until 30 June 2023, this measure enables an asset’s cost to be fully…
Man working in cafe and wondering about Tax Deductions For Investing In Your Business

Tax Deductions for Investing in Your Business

Emma Zajac
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Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that an asset’s cost will be…
Yacht at Sunset

News | ATO Targets ‘Lifestyle’ Assets

Emma Zajac
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The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income. “If a taxpayer is reporting a…
Middle Aged Couple looking at legal paper and laptop regarding their trust fund

Blog | Who Owns the Assets of a Trust?

Emma Zajac
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It’s not uncommon for people to put assets such as their family home into a trust, particularly professionals working in litigious fields or family groups wanting to protect assets. A recent case highlights some of the tax problems that can occur. The taxpayer in this case had become the owner of their main residence as…
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