News & Tax Insights

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…

The Asia-Pacific Economic Cooperation consists of 29 Asian and Pacific countries who have established cooperative arrangements to promote trade and business.  These include Australia, Brunei, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Singapore, Taipei, Thailand, Vietnam and Russia.  Canada and United States are also members. If you are the head of a business entity or the owner or director of a registered business or a nominated employee of that business, you may be eligible to apply for an APEC Business Travel Card.  If you are a senior government official, you might also…

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…

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.