In 2018, one Bitcoin was priced at $20 000 which was its highest price since it was created in 2009 and this was when most of the world woke up to this new concept of Bitcoin for the first time. Bitcoin was initially valued at $0.00 and was below $1 for many years, so when, in 2018, it reached these sky-high values it became the latest news story that the…
The festive season is finally here and I am sure you are all relieved that even Covid-19 could not stop it from arriving. So if you want to treat your employees with a year end party or gifts which they deserve, beware of the fringe benefits tax (FBT), GST and income tax consequences. You might think that the party and gifts are simply a tax deductible expense as they are…
Cash Flow, Small Business, Taxation
In March 2020, the Government increased the value that a business could instantly write off a business asset to $150,000 from $30,000 as part of it’s response to Covid -19. The business needed to have a turnover of less than $10 Million. Currently the Government has boosted this scheme and says there is now no limit on asset value if the turnover is less than $5 billion. From 6…
This budget known as the Covid Recovery budget will hopefully get us back to where we were prior to Covid. The major policies include Personal Income Tax reductions, Small Business Tax reductions, Company Tax reductions, Job creation strategies and Large Government spending. Here is a summary of some of the main aspects and you can read further detail below. Reduction…
As the first quarter of the 2021 tax year has just finished it is now a good time to do some tax planning. As long as your situation is suitable, one way to increase your wealth and benefit from tax regulation is to purchase an investment property. I suggest you speak to your financial planner and discuss whether you would benefit from this wealth creation strategy. In this blog I…
Welcome to the Small Business Treasure Chest for the last time this 2020 financial year. In our chest, we have some funny deductions that taxpayers tried to claim in their tax returns without much success. Enjoy the laugh! Put a smile on your dial by reading the jewels below. If you have missed our previous Jewels, check them out HERE. LEGO A taxpayer claimed the Lego sets they bought…