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Consider buying house in spouses name if used partly for business Where an individual is using part of their home as a place of business, this will affect the application of the CGT main residence exemption when the home is…

Early access to super for people with terminal illness The Assistant Treasurer has announced that, from 1 July 2015, the government will amend the provision for accessing superannuation for people suffering a terminal illness. Under the current provision for early…

ATO warns about aggressive phone scams The ATO is again warning the public to be aware of a phone scam that is circulating, where fraudsters are intimidating people into paying a fake tax debt over the phone. The aggressive scam…

As part of the 2015–16 Federal Budget, the Treasurer, Joe Hockey, announced that the Government will deliver a tax cut to all small businesses, both incorporated and unincorporated. The tax cuts will be delivered through: a tax cut of 1.5…

Teacher denied deduction for business management course Editor: A recent case before the AAT highlights how careful taxpayers must be when claiming deductions for self-education expenses.  The taxpayer was a classroom teacher (teaching psychology, chemistry, mathematics and science).  He was…

FBT: Record keeping exemption threshold The small business record keeping exemption threshold for the 2015/16 FBT year is $8,164, replacing the amount of $7,965 that applied in the 2014/15 FBT year. FBT:  Benchmark interest rate The benchmark interest rate for…