Home Office Tax Deduction Alert

By Michael Fox on 25/7/2016 in Home office tax deductions, Capital gains tax, Non-resident taxation

This year the ATO is paying extra attention to people whose work-related expenses are higher than they have been on past returns. For this reason, it is important to understand whether or not you can make a claim for your home office before claiming those costs as a tax deduction. A home office used as a place of business attracts tax deductions for both occupancy costs ...

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Artwork Tax Deduction For Small Business

By Michael Fox on 28/6/2016 in Small business, Depreciation, Artwork tax deduction

There is no bar to whether the artwork is bought as a resale or whether the parties involved in the transaction are related to each other. There is no limit to the number of artworks costing less than $20,000 that a small business may claim a tax deduction for. The depreciation provisions in the Small Business Measures may also offer super funds a tax-effective strategy to...

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Overview of the 2016 Federal Budget

By Michael Fox on 23/5/2016 in Innovation, Federal budget, Negative gearing, Company tax, Resale royalties, Family trusts, Valuation, Artists, Superannuation, Super art, Taxation of the arts industries, GST

The government was elected in 2013 without an arts policy and it has run an almost full term without being able to enunciate one. In the Tony Abbott era, no direct tax measures for the arts were announced and the model of peer-reviewed grants funding, based on the 2002 Myer Report, endorsed by John Howard and supported by the Rudd-Gillard administrations, was overturned. T...

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There has never been a more exciting time not to be an employee

By Michael Fox on 20/4/2016 in Non-commercial losses, Car expenses, Federal budget, Negative gearing, Company tax, Resale royalties, Artists, Superannuation

The Federal Budget is less than a month from being announced, however it is becoming apparent the policy direction of the Turnbull government is moving towards granting tax concessions to business at the expense of time-honoured employee tax deduction rights. 2016 has already witnessed unruly speculation over broadening the base and/or rate of the GST; changes to the neg...

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2015: Iron Ore down, Sam Byrne up

By Michael Fox on 8/12/2015 in

It has been a year to forget for investors in BHP Billiton Ltd, one of the largest companies by value listed on the Australian stock exchange, with its revenues falling on declining iron ore prices, battling an environmental disaster in Brazil and witness to a fall in its share price by a third during 2015. Superannuation funds, large and small, appear to have little choi...

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