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Car logbook for tax purposes

Car logbook  To claim a deduction for motor vehicle expenses the tax office requires substantiation of the business use of the vehicle. This can be documented through a logbook. The percentage of business use determines…

Directors fees, wages, drawings and superannuation

Directors’ Fees, Wages, Drawings and Superannuation Guarantee From 1 July 2019, changes to the law for the tax-deductibility of payments of Directors’ fees took effect. Failure to comply with these changes will prevent the payments…

Superannuation Contributions

Contributions Concessional (tax deductible) superannuation contributions can be claimed as a personal tax deduction or are tax deductable to the employer entity making the payment. Please note, the concessional contribution caps include any salary sacrifice…

Tax Entertainment Expenses

Business entertainment tax deduction Back in the late 80’s, the Government became all concerned about the Corporate Fat Cats dining-out and claiming tax deductions in the guise that this was related to marketing and “doing-business”.…

Death and Taxes

Australian Estate Taxes - Background Death and Taxes Income tax rules as they apply to deceased Estates can be quite complex so we’ll try to run through them in an easily understandable manner below. When…

Wins, Wills and Bankruptcy

When someone becomes bankrupt their ‘divisible’ property vests in their trustee bankruptcy. Divisible property is generally all the bankrupt’s assets, except for certain classes (i.e. non-divisible property) being household items, tools of trade, means of…

2019/20 Federal Budget

1. Personal income tax 1.1 Changes to personal income tax rates The Government has proposed the following changes to the personal income tax rates: From 1 July 2022, the Government will increase the upper threshold…

Financial Reporting Requirements QBCC Licence

FINANCIAL REPORTING REQUIREMENTS QBCC LICENCE From 1 January 2019, the documents required to fulfil the QBCC licence financial reporting requirements changed. Are you ready? The main QBCC minimum financial reporting requirements changes 2019 are: Businesses…