AFS NEWS | Your partners in success
If you use your own car for performing work related duties (including a car you lease or hire), you may be able to claim a deduction on your tax return for vehicle expenses.
Commercial properties are often renovated to suit the needs of the business occupying them, however, many people are unaware that on removal, the owner of the asset can claim the remaining value as an immediate deduction in that same financial year. This is known as scrapping.
The biggest news of the month saw the Reserve Bank of Australia cut the cash rate to 1.25% after almost two years steady at 1.5%.
From 1 July 2019, the whistleblower protections in the Corporations Act will be expanded.
As we farewell another Fringe Benefits Tax (FBT) year we often hear questions around private use of vehicles and whether larger ‘utes’ are exempt from FBT, such as Chevrolet Silverados, Dodge Rams, Ford F150s and the like.
The Long Service Benefits Portability Act 2018 has been passed by Parliament and will come into operation by 1 July 2019.