Welcome to JBG Accounting's latest news blog

© Content in partnership with Taxpayers Australia

Recent Posts

5 Jun 2019

When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income.

To successfully claim a deduction for work-related expenses, it’s important that you must have spent the money yourself and weren’t reimbursed, it must be directly related to earning your income, and importantly you must have a record to prove it. You can only claim the work-related part of expenses. If an expense relates to both work and personal use, the ATO will expe...

2 May 2019

Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses.

A business registered for GST will generally be required to hold a tax invoice for any transaction in order for an input tax credit to be claimed. The tax invoice can usually only be issued by the entity that made the taxable supply, which generally must issue a tax invoice a...

4 Apr 2019

If you produce assessable income at home, or some of it, and you incur expenses from using that home as your “office” or “workshop”, the ATO will generally allow that a taxpayer could be in a position to be able to claim some expenses and make some deductions. Otherwise the ATO takes the view that expenditure associated with a person’s place of residence is more likely to be of a private nature.

Deductions may be available from the use of your home to earn income in two circumstances. First, if it is used in conne...

3 Mar 2019

Among the first batch of tax legislation the government dealt with in the new year was a bill that contained changes to the "same business" test.

The same business test is relevant in a number of contexts, but most particularly in determining if a company is eligible to claim deductions for past year losses, current year losses and bad debts, and to determine if the existence of unrealised losses may affect future deductions and offsets that may be otherwise available.  The need to satisfy the same business test h...

6 Feb 2019

For more than two years now (from 1 July 2016) two key tax incentives have been available for investors considering putting their money behind qualifying start-up businesses - or as the ATO has dubbed them, early stage innovation companies (ESICs).

The incentives provide eligible taxpayers who invest in new shares in an ESIC with:

(1) a non-refundable carry forward tax offset equal to 20% of the amount paid for their qualifying investments.  This is capped at a maximum tax offset amount of $200,000 for "sophisticat...

Please reload

Please reload

Archive
Please reload

© 2020 JBG Accounting                         
  

Liability limited by a scheme approved under Professional Standards Legislation

02 4088 8008

0414 729 436

2/50 Regent Street, New Lambton, NSW 2305

  • LinkedIn - Black Circle
  • Facebook