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GOLD MEDAL goes to Asheam for confirming Joe Hockey cant use a calculator and misled Parliament. (I was playing the role of Bill Shorten) I have this question arising from that... Lets say the pool is $25K at 1st July 2015. On what date does the depreciation reduce the pool to $18,700 ? Is...

+1 ;)

No. Not for passive activities.

Ah yes...Interesting that the Assist Treasurer explained that modern car running costs are lower and sang the benefits for small engine sized cars. Then trumpeted the $845m budget saving.... Interesting they left FBT methods alone. Its just a matter of time before FBT can be simplified to cut...

I want to correct Joe Hockey on something. He said that small business can claim a $20K deduction for acquiring a single asset. I ran the numbers and believe that many small business can acquire a SINGLE asset prior to 30 June that has a cost of up to $25,881 and achieve a full write-off...

If the app complies yes they can be very handy. Tracking business use solely is a common mistake. Also failing to record odometer start date and end dates. I have seen many taxpayers use foreign logbook apps which fail the ATO requirements ...

A few changes have slipped into the budget and haven't attracted much attention: 1). A win....From 1 July 2015 business start-up costs will become deductible. Establishing a company, legal advice for establishing etc. That's great news. 2) A win...From 1st April a employee can access...