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taxInsight - 2015/09 – June

2015/09 – June from taxInsight

Farmers: Write your new hay shed off over three years

The Tax Office says that farmers will be able to write-off the cost of a new hay shed over three years, provided it is used primarily and principally for the storing of fodder. The new write-off would also apply to an alteration, addition, extension, structural improvement or capital repair, again, provided that it was used primarily for storing fodder. It can also be incidentally used for other purposes, like the storage of a tractor provided the main use is the storage of fodder. The expenditure can be deducted in equal amounts over three years beginning from the year which the […]

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Save Tax: Release from tax

Will payment of a tax liability create serious hardship? If you are an individual or trustee of a deceased estate you can apply for release from income tax, FBT, Medicare Levy, General Interest Charge and some other interest penalties. Visit www.ato.gov.au and type release from tax in the search box to obtain the necessary application form. You must have lodged all outstanding tax returns and activity statements with the Tax Office. Serious hardship must be of a significant kind in terms of normal community standards. If the Tax Office refuses your application you can appeal to the Small Taxation Claims Tribunal […]

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Save Tax: Salary sacrifice

You can salary sacrifice to maximise your total concessional superannuation contributions up to $30,000 (or $35,000 if aged 50 years or over) for the 2015 tax year and enjoy substantial tax savings.

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