It is common for small business owners to work from a home office (Garage office!). You may claim a portion of the expenses of your household expense into business, the fundamental rule is the portion of expenses that is directly linked to generate your business income.
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As we approach the end of the financial year, the question of how to report income from the purchase and sale of shares is frequently asked when we file individual income tax returns. Whether or not capital gains are taxable is another point that is often raised. So, let's start with this part of our topic today: How do I file a tax return for buying and selling shares?
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If a GST-registered business purchase secondhand goods from an unregistered person. An input tax credit can be claimed in some circumstances if the criterias are met. Read on to learn more
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If a motor vehicle has been provided to an employee an FBT liability will arise if the motor vehicle is used or available to be used for private use by the employee.
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SME owners require transfer money from their company to themselves. It is also common to confuse withdrawals with payroll. In this article we will make a specific distinction between withdrawals and salary and give you a brief analysis of when it is appropriate to make withdrawals and when it is appropriate to do payroll salary.
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A “bright-line test” applies to sales of residential land from 1 October 2015. A sale is taxable if the disposal occurs within five years of acquisition (or two years if the land was acquired before 29 March 2018). The purpose of buying the land is irrelevant.
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When setting up an asset sale, he buyer and the seller can choose how much of the sale amount belongs to each type of asset. This is called allocating the sale price. It affects the tax paid, and the tax benefits or profits received.
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