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Single Touch Payroll – 1 April 2018 Action
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Australia's vital statistics
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FBT Reminder – Odometer Reading
Our website is really our digital office.
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Australia. All you need to know to be the expert.
Business confidence hits 5-month high: NAB
Caution advised on best interests duty with cryptocurrencies
$20,000 asset write-off renewed for another financial year.
SMSF compliance traps with bitcoin
Where Australia is at. Our leading indicators.
Foreign resident CGT withholding: early recognition of tax credit
ATO set to doorknock as 60% of cash-heavy businesses caught
New downsizing cap available
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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.

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?
Small Business Tax Break
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.

 

 

 

 



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