Many investment property owners may be missing out on valuable property depreciation entitlements, simply by not being up-to-speed on what is and is not depreciable.
The current financial year is almost at an end, but there are still strategies you may be able to put into play to ensure you pay not one cent more tax than is necessary for your 2015-16 income year.
The Budget has a few sweeteners, but not so much that will turn anyone hyperactive.
Is there a problem with using your company’s assets for yourself? Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as “Division 7A”.
It is generally understood that for fringe benefits tax (FBT) to apply, the benefits paid are usually in respect of an employment relationship.
When claiming for work-related car expenses, many taxpayers miss out on maximizing their claim due to inadequate record keeping.