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There’s nothing wrong with sourcing certain business assets through peer-to-peer websites like Gumtree or even a Facebook group. Using Airtasker and AirBnb for business is fine too. It’s when it comes to substantiating a tax claim that these sorts of transactions can end up being difficult.
The ATO’s rules regarding deductions claimed for work clothing, or for laundering clothes, are fairly straight-forward, but there are a few grey areas that crop up now and then. Some of our clients who buy costumes should refer to the ATO’s Occupation Ruling for Performing Artists.
We cast an eye over how simplified depreciation works for small business asset pools and revisit the $20,000 immediate deduction.
We also look at the new “total superannuation balance” and what it means for your super fund.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.