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The $20,000 immediate deduction for assets can also be claimed by some employees and investors. The small business community welcomed the government’s $20,000 instant asset write-off initiative from the last federal budget, but there is an added bonus hidden in the legislation that could open up the valuable deduction to a wider tax-paying cohort than just small business entities. We explain.
Can you claim a deduction for your legal expenses? We also look at various legal expenses that are allowable deductions for employees, businesses, investors and landlords.
Have you borrowed money to pay a business tax debt? We look at whether the interest on a loan taken out to pay a tax debt may be claimed; and in a similar vein when refinancing a partnership, it may open up a deduction opportunity.
Are you considering setting up your own self-managed superannuation fund? We run through the considerations you really need to pay attention to. To SMSF or not?
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.
Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information