Supporting Australian art - proposals to reform the taxation of artworks

By Michael Fox on 10/11/2016 in Self-managed funds, Super art, Artists, Superannuation, Capital gains tax, Artwork tax deduction, Taxation of the arts industries

The super art laws are consistent with the original intent of the CGT rules in deterring speculation in art – but the impact on the livelihood of artists from these changes warrants reform to the taxation of artwork. Proposals to provide taxation incentives for artists should be made where it is also beneficial for the integrity and efficiency of the Australian taxation...

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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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Super art and the small business write-off measures – a strategy suggestion for SMSFs

By Michael Fox on 13/10/2015 in Depreciation, Valuation, Small business, Self-managed funds, Resale royalties, Capital gains tax, Super art

The depreciation provisions in the recently legislated Small Business Measures offers some super funds a tax-effective strategy to transfer their artwork investments to their members prior to a looming compliance deadline. From 1 July 2016, all artworks must comply with new display, storage, insurance and related-party requirement as the five year grandfathering clause in...

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Summary of announced tax changes in the 2015 Federal Budget

By Michael Fox on 15/5/2015 in Car expenses, GST, Small business, Depreciation, Capital gains tax, Superannuation

The Government has announced tax reductions for small businesses with an aggregated annual turnover below $2m regardless of entity type. For companies, the company tax rate will be reduced by 1.5% to 28.5%. Maximum franking credit rates for a distribution will remain unchanged at 30%. For taxpayers operating through an unincorporated business structure (partnerships, tr...

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Tax and the Digital Economy

By Michael Fox on 21/3/2017 in Rental income , GST, Capital gains tax, Artists

tax and the digital economy...

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