Zone tax offset
14 Dec 2015
Until 30 June 2015, to qualify for the zone tax offset you must have lived or worked in a remote area (not necessarily continuously) for: 183 days or more during the current income year; or 183 days or more in total during the current and previous income years – but less than 183 days in the current year […]
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Self-education expenses
11 Dec 2015
You may be able to claim a deduction for self-education expenses if your study is work-related or if you receive a taxable bonded scholarship. In some circumstances you have to reduce the amount of your claim by $250. Eligible courses Self-education expenses are deductible when the course you undertake leads to a formal qualification and […]
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Instant asset threshold increase to $20,000
10 Dec 2015
Small businesses can immediately deduct assets costing less than $20,000 purchased since 7.30pm 12 May 2015. The deduction is claimed in the income year in which the asset is first used or installed ready for use. What’s changed? The instant asset write-off threshold has increased to $20,000 (up from $1,000). This allows you to immediately deduct the business […]
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Small business company tax rate
07 Dec 2015
The small business company tax rate has been reduced from 30% to 28.5% for income years commencing on, or after, 1 July 2015. This lower rate also applies to small businesses that are corporate unit trusts and public trading trusts. The corporate tax rate will remain at 30% for all other companies that are not […]
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