by Team Garnet | Oct 13, 2023 | ATO, Property
ATO has clarified when deductions for losses and outgoings that relate to holding vacant land will be denied in relation to individuals not conducting a business or in primary production. Deductions for losses and outgoings that relate to holding vacant land on which...
by Team Garnet | Aug 4, 2023 | Business Structures, Small Business
Small businesses may be able to get a bonus 20% deduction for any business expenses and depreciating assets used to improve their digital operations. Small businesses can access a 20% bonus deduction for eligible expenditures incurred on business expenses and...
by Team Garnet | Nov 24, 2022 | Business Structures, Small Business, Tax News
Rental waivers, deferrals or variations from your business’s landlord may seem like a good thing but beware of the potential income tax, GST and even CGT consequences of deferred rent. If you run a business from rented premises, there may be tax consequences when rent...
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 | Sep 16, 2022 | Investments
If you earn income from an investment property, you may be entitled to a deduction for expenses directly incurred in taking out a loan for the property. Have you considered what this means for you and your investment property? Let’s start at the beginning and...
