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Federal Budget 2018 - Overview
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4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Tools to help you manage your financial position are available on our site.
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Beware residency rules if moving overseas
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Single Touch Payroll – 1 April 2018 Action
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Accountants spy elder abuse spike as mortgage stress sets in
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FBT Reminder – Odometer Reading
Our website is really our digital office.
‘Substantiation will be a key focus’: ATO drums in tax time 2018 hit list
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Employee travel expense deductions
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Australia. All you need to know to be the expert.
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Articles
Rebate Income - New Concept
Family Tax Benefit (FTB) - Change to delivery of
Individual's - Income Tax Rates
Senior Australians Tax Thresholds
Research and Development Tax Concession
Finer Details Investment Allowance
PAYG Instalments - Are You Paying Too Much?
Working Australians Tax Bonus Administration

Budget 2009 - 10  -  Overview, Summary, Papers.

News From George and John
A powerful search engine resides on this website.
30% Investment Allowance - One time window of opportunity
Plant & Equipment or Fixtures & Fittings?
The Road to Recovery
Will we see more Bankruptcies or Part X's?
CREDIT CRISIS AND RECESSION
Finer Details Investment Allowance
.

Although the broader details of the Investment Details are reported elsewhere (link 30% Investment Allowance - One time window of opportunity) there are some subtleties as more detailed examination of the legislation occurs.
  • Eligibility is restricted to holders of assets (who will be claiming depreciation) and equipment acquired under a lease will not entitle the user of the equipment to the allowance.  The allowance will be claimed by the holder, who is the finance company.

    Negotiations would need to recognise that some part of that entitlement can be transferred via reduced payments.

  • Although an item may have some Private Use, if it satisfies the requirement to be principally used for business, then the allowance is claimable on the full cost.

  • Individual items, which together form a set, can be counted towards the minimum expenditure requirement.
  • Capital expenditure that is not eligible for the allowance in one year (e.g. less than minimum or not installed ready for use) may be carried forward and then grouped with a subsequent year.

    Example - a tractor costs $9,000 in year one (non-SME taxpayer) and adds a backhoe costing $2,000 in year two.  The allowance on $11,000 can be claimed in year two.

  • The threshold test may also be met by with other related entities, but ask about this one.

 

 

 

 



23rd-May-2009