Income Tax Tax Policy

The end of tax depreciation schedules

I don’t know if the Quantity Surveyors have worked it out yet, but they have the most to lose from the changes to negative gearing that are currently being discussed. Labor is promising to remove negative gearing from all purchased buildings that are not new buildings from 1 July 2017. And the Government is considering […]

Income Tax Legislation Planning Idea Planning Stuff

The Small Business Restructure Rollover is now before the Parliament!

Its almost law!!!! Under this Bill, from 1 July 2016, small businesses can roll-over “active assets” that are CGT assets, trading stock, revenue assets and depreciating assets as part of a genuine restructure of a small business from one entity to another. In Summary, here is how it works: Subdivision 328-G creates an optional roll-over […]

Funny Stuff

Interesting tax deductions…

From Ogden and Commissioner of Taxation (Taxation) [2016] AATA 32 (29 January 2016): MS HAMMOND: Okay. In that same income year you also claimed an amount of secretarial services? MR OGDEN: Yes. MS HAMMOND: $5,388. That’s a payment you allegedly paid your son, who was seven and a half, in the income year? MR OGDEN: […]