The general case regarding GST credits is that business owners can claim input tax credits relating to eligible business expenses when you lodge your business activity statement (BAS), which may be monthly or quarterly. However it is not unusual for business owners to occasionally make purchases that contain a private use component. Where expenses are partly for private use, only the proportion of credits relating to business use can be claimed.
Sometimes your business may end up using an asset you purchased, such as a property for example, in a way that is different to what you had originally planned.
An “integrity” measure, which aimed to stop SMSF trustees from manipulating their total superannuation balance in order to keep below the $1.6 million threshold, may have the unintended outcome of reducing the appeal of LRBAs.
Investing in the stockmarket is a lot more common than it was years ago, with ordinary Australians having experience with shares and the stockmarket either directly or through managed funds or via their superannuation fund.
A recent change to the rules around superannuation means that more Australians may be eligible to claim a tax deduction for putting money into super.Read more
Tax Store had a great time at the Melbourne Business Opportunities and Franchising expo on the weekend meeting lots of aspiring Tax Store partners. If you missed out you can attend our free info session on Saturday, 1st September at 2pm - 3pm in our HQ or call us on 1300 367 594 to speak to one of our team members.Read more