Posted in Tax

Your business may be eligible to claim a tax deduction of up to $20,000 in the 2024 FY for expenditure related to electrification or efficient energy use. The deduction is limited to 20% of the expenditure, for expenditure up to a maximum of $100,000 A business purchasing or upgrading solar systems (e.g., panels or batteries) is a good example If you're unsure if your business is eligible to claim the Energy Incentive, contact your Account or Tax Agent, or  Conta...

The Instant Asset Write-off for the 2024 Financial Year has decreased to $20,000 per asset, down from $150,000 in the 2023 FY. The Instant Asset Write-off allows the immediate tax deduction for the purchase of eligible assets The $20,000 applies to each asset The $20,000 does not include GST The asset has to be purchased and ready for use in the 2024 FY (1 July, 2023 to 30 June, 2024) If you would like to know how to apply this tax planning strategy to your own circumstances, contact ...

The May 2023 federal government budget included a penalty amnesty for Late Lodgement of tax obligations. Individuals and small businesses (annual turnover <$10m) can lodge overdue Tax Returns, BAS and FBT returns without incurring the a Late Lodgement penalty The amnesty applies to lodgements that were due between 1 December, 2019 and 28 February, 2022 The amnesty ends 31 December 2023 Contact your Accountant or Tax Agent if you need help with your Late Lodgements or contact us for ...

Employee Christmas parties and gifts are subject to Fringe Benefits Tax ('FBT') and if exempt the cost is not tax deductible. The cost of the party may be exempt from FBT if only for your employees and held on the work premises during a working day If cost of the party may be also exempt from FBT if: the party is held off the work premises the party is not held on a working day the party guests may include your employees' partners the per-person cost of the part...

The Australian Tax Office ('ATO') has provided their 'guidance' on the application of the Luxury Car Tax ('LCT') for vehicles, based on its principal purpose: Generally 'commercial' vehicles such as utes with a load capacity of 1 ton or more were considered commercial and therefore not subject to LCT The ATO now wants to know more about the vehicle's principal purpose rather than its type before determining if the vehicle is subject to the LCT...