by Garry Wolnarek | 9 May 2017 | General, Small Business, Tax Planning
The “Accelerated Depreciation” threshold of $20,000.00 will end after midnight June 30, 2018. This now is due to revert to $1,000 from 1 July 2018. Small businesses (with aggregated turnover of less than $10 million) will be able to immediately deduct purchases of...
by Garry Wolnarek | 27 Feb 2017 | Accounting / Bookkeeping, General, Small Business, Tax Planning
Worked example: Lifecycle of an Uber driver Issue John commenced an Uber operation on 1 April 2016. He went to the ATO website and understood he was required to apply for an ABN and GST, which he did. The car he initially used was the family car. After six weeks of...
by Garry Wolnarek | 26 Jan 2017 | Capital Gains, General, Property Taxation, Small Business, Tax Planning
The average Southeast Queensland backyard is being split at a rapid rate by “mun and dad” investors. The Courier Mail has revealed the number of lots being approved for subdivision in Southeast Queensland has doubled in the past 5 years. Subdivision of...
by Garry Wolnarek | 29 Aug 2016 | General, Small Business, Tax Planning
Gumboots? check, Akubra? check, Tax status?…… Hobby Farming It is true that small rural landholders may be pursuing “lifestyle” dividends rather than a genuine livelihood, but the options to claim the tax concessions for bona fide primary...
by Garry Wolnarek | 16 May 2016 | Small Business, Tax Planning
FBT Exemptions under the radar! Nutrition and Exercise Guidance Where a business has arranged for a program to be made available to its employees to learn how to eat better and exercise properly for the purpose of assisting stress. The cost of this benefit is...
by Garry Wolnarek | 28 Apr 2016 | General, Small Business
Using Business Assets Personally While your business might own some tempting assets, be careful when making use of these for your personal enjoyment, as this could trigger a tax liability. Changing Business Structure And if you are considering changing the structure...
