by Affinity | Oct 24, 2019 | Business eNews
The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset...
by Affinity | Oct 24, 2019 | Business eNews, Tax News
The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low...
by Affinity | Oct 24, 2019 | Business eNews, Tax News
The ATO has published some of the most unusual claims that they disallowed last financial year. Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO’s systematic review of claims had found, and disallowed, some very unusual...
by Affinity | Oct 24, 2019 | Business eNews, Tax News
The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses. Importantly, taxpayers making a ‘cents per...
by Affinity | Oct 24, 2019 | Business eNews, Tax News
The Federal Court recently handed down two decisions relating to the personal services income (‘PSI’) rules. Income is classified as PSI when more than 50% of the income received under a contract is for a taxpayer’s labour, skills or expertise. The PSI...
by Affinity | Sep 20, 2016 | Business eNews
One of the most expensive aspects of running a business is paying employees. But just as great employees can be a real asset, underperforming employees can be a real drain on resources. Hiring employees is all about choosing people who are going to add value to your...
