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TAX INCENTIVE FOR ANGEL INVESTORS IN START-UPS

For more than two years now (from 1 July 2016) two key tax incentives have been available for investors considering putting their money behind qualifying start-up businesses - or as the ATO has dubbed them, early stage innovation companies (ESICs).

The incentives provide eligible tax payers who invest in new shares in an ESIC with:

- a non-refundable carry forward tax offset equal to 20% of the amount paid for their qualifying investments. - modified CGT treatment.

           
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GUIDE TO MAKING MOTOR VEHICLE EXPENSE CLAIMS         

A perennial topic regarding tax deductions is claiming expenses for a car. The following notes summarise the most salient points when it comes to claiming deduction for motor vehicle expenses. Of course every person's circumstances may be different, but the following covers most of the relevant information.                                                        

Click here to download a pdf version of the newsletter to read the full article.                                                                                                                                                      

 


           

THE ATO IS LOOKING FOR PERSONAL SERVICES INCOME DIVERTED TO SMSF'S

The ATO has announced that it is reviewing arrangements where members of an SMSF (typically at, or approaching retirement age) purport to divert income earned from their personal services to their fund, which results in minimising or even avoiding tax altogether on that income

                        
Click here to download a pdf version of the newsletter to read the full article.  

 


           

FOR CERTAIN TRAVEL EXPENSE CLAIMS, THE TERM 'ITINERANT' NEEDS CLARITY

Being able to make claims for work-related travel expenses is generally an enviable deduction situation, and one that a good many taxpayers would like to achieve - especially given that the status of being deemed and 'itinerant' worker brings with it an expectation of a lot of travel kilometres.                                                                                                   

         
Click here to download a pdf version of the newsletter to read the full article.