Happy new financial year and welcome to our July newsletter.
In this edition I cover the $20,000 immediate asset write-off that was announced in the last federal budget. This prompted a lot of questions about its implementation and eligibility requirements. Now it has been legislated we now know the detail on how it is going to work. Also, if you missed our 2 minutes of fame in the SMH/The Age a couple of weeks ago about the immediate asset write-off here’s a link http://bit.ly/1IkqGi5.
I also go through some tax deductions that I frequently get asked about that are generally not allowed, claims you may be able to make if you’re lucky enough to own a holiday house, and a guide to taking out insurance through your SMSF.
On not so tax topics I look at the essentials of succession planning, and profile the new role proposed for the small business sector, the Australian Small Business and Family Enterprise Ombudsman.