Backyard Building Boom - tax implications of redeveloping your property
With house prices rising and well-located land becoming scarce in cities, many Australians are looking for creative ways to tap into the value of their own backyard. Some subdivide, while others take the knock-down and rebuild route.
But like most things in life, the tax man takes a close interest when it comes to redeveloping your property, so it's important to get professional advice to ensure you don't ...
Entertainment expenses - what can I claim?
The days of the Long Lunches of the 1980s may be well behind us, but there is still a lot of confusion around when entertainment expenses can be claimed as a tax deduction and how this interacts with Fringe Benefits Tax (FBT). It can be easy to make mistakes that can add a lot to your business's tax bill!
When is food and drink (and other entertainment) deductible?
It can be difficult, at first glance, to determine where you...
by Rhodes Docherty
From July 1, 2018, new legislation has come into effect that imposes GST on goods that are deemed to be Low Value.
This means any product, such as books, jewellery, electronic devices, sports equipment, cosmetics, or clothing will incur a 10% GST on the price of the item, regardless of its value, when imported into Australia.
Prior to this legislation, imported goods worth less than A$1,000 were GST free.
Read on to find out more about what low value goods are and if you are a su...