While most people know that the fees for preparing and lodging tax returns are deductible, far fewer are aware that the specific regulations operating in this area of tax law also allow for extra deductions to be claimed in certain circumstances.
While the repeal of the mining tax (the Minerals Resource Rent Tax) is yet to pass the Senate, there are some perhaps surprising negative implications for small businesses regarding asset write-offs and depreciation. We run over the details.
We also warn of the fast-approaching deadline to apply for the R&D Tax Incentive, provide an overview of what it takes to set up your own SMSF, and look at the different investment asset classes and the tax implications of each.
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)