News & Tax Insights

Tax advantages for celebrities, sports people and entertainers

Blog Post
This video is about Government moves to prevent high profile sportspeople, celebrities and entertainers from gaining income splitting tax advantages by licencing their fame or image to a related company or trust. There was a budget announcement, consultation paper but, as yet, no legislation. Nonetheless, high profile people should take care with licencing arrangements with related entities as the Tax Office has changed its interpretation of existing law and removed earlier guidance that provided a “safe harbour”.

Can you claim a tax deduction for cleaning up an environmental mess?

Blog Post
Broadly yes, provided the expenditure is for the sole or dominant purpose of environmental protection activities that are sufficiently linked to your earning activities. You can claim an immediate tax deduction for the costs of environmental protection activities which are undertaken by you, or on your behalf, to: prevent, fight or remedy pollution or treat, clean up, remove or store waste where that pollution or waste results from or is likely to result from: your earning activity the site of your earning activity, or a site where a business was carried on and you acquired and continue to carry on…

CONSULTING ACCOUNTANTS . TAXATION SPECIALISTS . BUSINESS IMPROVEMENT