98 | Food and Drink affects Income Tax, GST and FBT
Any food and drink is either a business expense or entertainment. Whether it is one or the other doesn't just affect income tax, but also GST and FBT.
94 | Gifts and Contributions
Every donation of money or property to a charity is either a gift or contribution.
93 | Minor Benefit Rule
The minor benefit rule is the one exception that turns a non-deductible contribution into a tax-deductible gift.
92 | How To Tax Deduct Business Lunches
Can you tax deduct business lunches? In principle No, but probably Yes.
91 | Deduct Travel Expenses
When you deduct travel expenses from your income you save tax. That is a good thing. But you are also more likely to get audited.
73 | Div 43
The deductions under Div 43 make up the bulk of a property investors deductions. And the good news is that the changes to Div 40 don't affect Div 43.
72 | Div 40
Div 40 is about the deprecation of plant and equipment. Since 2017 significantly curtailed but still better than nothing.
21 | Are tolls car or travel expenses
Tolls are travel expenses and subject to GST (just in case you were wondering). And it makes sense when you think about it.
5 | Tax Deduction for Entertainment
A business expense is tax deductible. Entertainment is not. Unless subject to FBT. So the all deciding question is: What is entertainment?
4 | Tax Deduction for Conference Travel
How much can you claim as a tax deduction for conference travel? You might have to reduce the claim for any private portion. Here is how.
3 | Tax Deduction for Fundraising Events
If a charity event passes the Minor Benefit Rule, the DGR charity can issue a tax receipt for parts of the ticket price and auction proceeds. Here is more.
2 | Tax Deduction for Gifts and Donations
The tax deduction for gifts and donations sits in Division 30 of ITAA 97 Deductions for Gifts and Contributions. There is a lot in that title. Let's dissect it.
1 | Commissioner’s Effective Life of Depreciable Assets for 2019
The Commissioner publishes a Taxation Ruling each year listing the effective life of depreciable assets. Here is a handy overview for small operators.
61 | Property Depreciation
The rules around property depreciation are confusing at the best of times. Bradley Beer of BMT will walk you through the ifs and whens of property depreciation.
Tax Talks
Tax Talks is Australia’s tax news podcast for tax professionals. Informative, entertaining and free.
