Non-business travel costs connected to residential rental properties are not deductible. The Australian Taxation Office has finalised its ruling on the rules that deny a deduction for travel expenditure incurred by investors in residential property.
The Government and Labor have agreed to bring forward planned small business tax cuts; reductions in the corporate tax rate and small business offset have also been accelerated
Whilst all the fun and festivities for Christmas are in complete overdrive, there needs to be a time where you need to become the business Grinch and consider whether your Christmas party is tax deductible.
The Australian Taxation Office (ATO) reminds taxpayers that they need to lodge a return for any financial year they exceed the non-concessional contributions cap, and may have to pay extra tax.
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