Budget Highlights 2017

1. Negative gearing From 1 July 2017, the government will disallow deductions for travel expenses. For properties bought from May 10 2017, plant and equipment depreciation deductions can only be claimed when it is directly incurred by investors. 2. Small business instant asset write-off scheme Businesses with turnover not more than $10 million can choose to immediately write off expenditure …

Tax Update 2014

For Company Repeal of company loss carry back From the 2012-13 income year, the government provided tax relief for companies by allowing them to carry-back tax losses to receive a refund against previously paid tax. The government announced that it intends to repeal the loss carry-back tax offset for the 2013–14 income year and later income years. If the repeal …