November – 2015 Practice Update

November – 2015 Practice Update covers following points
  • Immediate deductibility of capital start-up expenses
  • Data matching program – on eBay online sales
  • New multi-agency approach to fight serious financial crimes
  • ATO and United States IRS share bank information
  • Small Business Protections from unfair contract terms
  • ATO moves on cafés & restaurants
  • The ATO and its regulation of SMSFs
Click here for – November – 2015 Practice Update...

Tax Tips for the Small Business Owner

Operating & running your own business can be very rewarding. It is always good to have a basic understanding of the compliance requirements set by the ATO. However, with rules constantly changing, it can be difficult to keep up and safely determine the claims that can be made within your industry benchmarks. Listed below are some suggested tax tips for your business that could lead to an increase in your tax refund without raising any ‘red flags’ in the eyes of the ATO.
  1. Home Office Expense Home office refers to a separate room (such as a study) utilised in your home specifically for work purposes. This does not include a spare space in the lounge room or dining area. The ATO offers a set rate of 45 cents per hour to calculate the deductible amount this claim.
  2. Travel...
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