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Research and development tax incentive rates change

post image The Federal Government has reduced the rates of the tax offset available under the research and development (R&D) tax incentive for the first $100 million of eligible expenditure by 1.5 percentage points. The higher (refundable) rate of the tax offset has been reduced from 45% to 43.5% and the lower (non-refundable) rate of the offset has been reduced from 40% to 38.5%.
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Travel expense and transport of bulky tools claim denied

post image An individual has been unsuccessful before the Administrative Appeals Tribunal in a matter concerning certain deduction claims for work-related travel expenses. The individual was a sheet metal worker whose home was located some 60 km from his employer’s main work site. The individual made a number of work-related deduction claims. However, after various concessions made by both the individual and the Commissioner of Taxation, the remaining issue between the parties was whether the taxpayer was entitled to a deduction for work-related travel expenses.
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The $7 million super pot still possible for a fortunate few

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Treasurer Scott Morrison's superannuation reforms were supposed to end the use of super as a major wealth creation and preservation vehicle. For the core constituents in the coalition's heartland, it hasn't.

It's possible for a well-advised and fortunate couple to still build a superannuation pile of more than $7 million.

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5 asset classes – and the sub-class that tops them all

post image Over the past 10 years, investment returns from the major asset classes have been more modest than in previous decades, but one remains the better bet than others.
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The 11-point checklist to de-hassle your travel

post image Getting on a plane and hopping off a few hours later in the name of business is such a common experience that you probably don’t give it too much thought. Just like all things you do on autopilot – tying your shoelaces, the daily home-work-home commute – it’s worth looking at the basics once in a while to see if there are better ways of doing it. Consider this your master checklist.
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Small business tax breaks in the pipeline

post image Small business entities with aggregated turnover of less than $10 million would be able to access a number of small business tax concessions, including, among others, immediate deductibility of small business start-up expenses, simpler depreciation rules and simplified trading stock rules.
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Deductibility for gifts to clients and airport lounge membership fees

post image Deductibility for gifts to clients and airport lounge membership fees
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ATO small business benchmarks updated

post image The ATO has announced the latest benchmarks for small businesses. Based on the data from 2014 income tax returns and business activity statements, the benchmarks cover over 1.3 million small businesses.
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Help the kids buy homes, but watch for land tax

post image A taxpayer has been unsuccessful before the Queensland Civil and Administrative Tribunal in a land tax dispute in arguing that there was a “constructive trust” in relation to three residential properties.
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Aspiring small business owners flying blind

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Inattention to due diligence means many prospective new small businesses owners are failing to ask the right questions.



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