by Team Garnet | Aug 18, 2023 | Business Structures, Small Business
Small businesses may soon be able to receive a bonus tax deduction as an incentive to electrify their operations if a government proposal becomes law. Small businesses with an aggregated annual turnover of less than $50m could soon get a bonus 20% deduction for the...
by Team Garnet | Sep 30, 2022 | Investments, Money, Superannuation, Tax News
To encourage downsizing, a new Bill has been introduced to extend the existing assets test exemption under social security and change the rate of deeming of proceeds of sale. In a bid to support pensioners and in conjunction with the announcement to reduce the...
by Team Garnet | Jul 13, 2022 | Tax News
The ATO has warned taxpayers against participating in asset wash sales to inflate their losses artificially. With COVID-19 lockdowns and restrictions in the rear-view mirrors of most of the country, the ATO is also beginning to resume normal compliance activity...
by Team Garnet | Mar 24, 2022 | Business Structures, Small Business, Tax News
Temporary full expensing of depreciating assets has been extended until 30 June 2023. Your business still has time to purchase eligible assets and deduct the full value in your tax return. The measure was originally introduced in 2020 as a part of the Federal...
