Unlikely things Aussie millionaire and finder.com co-founder will claim on tax
- Thread starter redwing
- Start date
1. Assuming it costs $301+ it is a taxable property fringe benefit. Deductible yes. FBT on top.
2. Also likely a property fringe benefit as the purpose was to acquire a exempt property fringe benefit (iPhone). If each item costs under $300 likely deductible. Employees injured etc in course of undertaking their duties on a street would have action available under workers comp and Fair Work Act who would query the pay rate for the extended work hours.
3. Capital expense. If cost is under t/hold then possible deductible. When given to staff it is a property fringe benefit if it exceeds $300. R&D concessions may exist but the formalities these equal a major cost. Unless the R&D is soundly based and of value it wouldn't be worth the effort for a few handbags.
4. Capital expenditure. Non-deductible.
5. Employee / contractor. Deductible. On costs ?
6. A Fair Work concern. Are employees being paid appropriate rates ?? I gather not.
7. Non-deductible if the phone is a fringe benefit. (Same rule that stops an employee washing their work car and claiming it). Maybe a separate FB and if under $300 it is deductible.
8. Capital expense. Non-deductible
9. Capital expense. Non-deductible
10. Deductible.
Tax Office target or what ??? Also this guy needs some business advice. Throwing cash away isn't automatically deductible. Cars aren't deductible. Car business use operating cost is deductible if all the conditions are met. The cashflows associated with a tax deduction isn't zero. Tax is a small benefit (30% for a company). GST claimed 9.09%....The majority of the expense may harm cashflow if it doesn't contribute to revenue.
Andy Warhol was right. 15mins of fame.
2. Also likely a property fringe benefit as the purpose was to acquire a exempt property fringe benefit (iPhone). If each item costs under $300 likely deductible. Employees injured etc in course of undertaking their duties on a street would have action available under workers comp and Fair Work Act who would query the pay rate for the extended work hours.
3. Capital expense. If cost is under t/hold then possible deductible. When given to staff it is a property fringe benefit if it exceeds $300. R&D concessions may exist but the formalities these equal a major cost. Unless the R&D is soundly based and of value it wouldn't be worth the effort for a few handbags.
4. Capital expenditure. Non-deductible.
5. Employee / contractor. Deductible. On costs ?
6. A Fair Work concern. Are employees being paid appropriate rates ?? I gather not.
7. Non-deductible if the phone is a fringe benefit. (Same rule that stops an employee washing their work car and claiming it). Maybe a separate FB and if under $300 it is deductible.
8. Capital expense. Non-deductible
9. Capital expense. Non-deductible
10. Deductible.
Tax Office target or what ??? Also this guy needs some business advice. Throwing cash away isn't automatically deductible. Cars aren't deductible. Car business use operating cost is deductible if all the conditions are met. The cashflows associated with a tax deduction isn't zero. Tax is a small benefit (30% for a company). GST claimed 9.09%....The majority of the expense may harm cashflow if it doesn't contribute to revenue.
Andy Warhol was right. 15mins of fame.
LOL - It cant be claimed. Its depreciable.
How much of an accountant am I.
How about if it was $299.99
Or there was a way that you could claim if under $300 each for two investors ($600 max)
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