JMR PARTNERS NEWS RESOURCES
Never start a business just to “make money” START a business to make a difference
~ Marie Forleo
When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income.
Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses.
If you produce assessable income at home, or some of it, and you incur expenses from using that home as your “office” or “workshop”, the ATO will generally allow that a taxpayer could be in a position to be able to claim some expenses and make some deductions.
Among the first batch of tax legislation the government dealt with in the new year was a bill that contained changes to the “same business” test.
For more than two years now (from 1 July 2016) two key tax incentives have been available for investors considering putting their money behind qualifying startup businesses — or as the ATO has dubbed them, early stage innovation companies (ESICs).
Going into new business with other people is exciting and can be extremely rewarding. A formal agreement can set the ground rules and stop owners getting caught out if things don’t quite go as well as planned.
As the FBT year runs from 1 April to 31 March, the months of October to December mark the “third quarter” of the FBT year, and so, as an early fix before year’s end, here is an overview of the FBT elements that can attract the ATO’s attention.
Not so many years ago, the concept of raising funds via crowdfunding would more likely be seen as a way to fund community-based, local-issue or help-your-neighbour initiatives.
A recent change to the rules around superannuation means that more Australians may be eligible to claim a tax deduction for putting money into super.
The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career.
To help pensioners who are rich in assets but poor in income, the government launched a version of a commercially available financial product, the reverse mortgage.
It is sometimes said that a superhero like the DC Comics character Superman can be uninteresting because he is, for all practical purposes, indestructible. Critics have said the knowledge that he will most likely win can make Superman’s adventures monotonous.
The success combination in Business is: Do what you do better… and: Do more of
what you do…
~ David Joseph Schwartz