The ATO has issued a final determination dealing with the luxury car tax (LCT) system that explains how to determine the principal purpose of a vehicle. LCT can apply to the sale or importation of a car if its LCT value exceeds the relevant LCT threshold. For the purpose of the LCT rules a motor … Read more
The ATO has released some guidance on the typical treatment of expenses that are incurred by business taxpayers in connection with digital products. First, the ATO confirms that operating expenses incurred in the everyday running of a business can generally be claimed as a tax deduction in the year in which they are incurred. This … Read more
Exposure draft legislation has been released in relation to the Small Business Energy Incentive announced in the May 2023 Federal Budget. The incentive allows businesses with aggregated annual turnover of less than $50 million to access a bonus deduction equal to 20% of the cost of eligible assets or improvements to existing assets that support … Read more