The Coalition has stood by its promise to repeal the mining tax, but an unexpected part of this process is a much-earlier repeal of the business deductions that are tied in with it. Capital allowance concessions, specifically the $6,500 instant asset write-off and $5,000 immediate vehicle deduction, are to be wound back to previous levels from next January, not next July (which is the date of effect for the mining tax repeal).
With the bushfire season looming, we run over the tax implications of natural disasters, and what you can do to be better prepared should essential documents and records be destroyed. We also take a look at estimates for how much a person should have put aside before considering establishing an SMSF, the circumstances where borrowing costs and loan interest can be claimed as tax deductions, and sketch out the new rules for dealing with excess superannuation contributions.
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)