There’s nothing wrong with sourcing certain business assets through peer-to-peer websites like Gumtree or even a Facebook group. 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.
We cast an eye over how simplified depreciation works for small business pools, and also look at the new “total superannuation balance” and what it means for your fund.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.