| An overview of the research and development tax concession |
| Broad overview information on the research and development tax concession, with links to more detailed information. |
| Boat hire arrangements: Income tax deductions |
| A boat hire activity MUST amount to the carrying on of a business to claim any deductions for that boat. Deductions are not allowed where the activity is only a passive receipt of income from property. |
| Boat hire arrangements: No deductions where activity is only a lease |
| A boat hire activity MUST amount to the carrying on of a business to claim any deductions for that boat. |
| Broad overview of the trust loss measures |
| An overview and examples of how to apply the trust loss measures. |
| Business deductions overview |
| The types of deductions you can claim, the records you need to keep to support your claims, and the rules applying to the major types of deduction. |
| Business travel expenses |
| You may be eligible to claim travel expenses, but you must keep evidence of your expenses. |
| Capital allowances |
| If you incurred costs during the year to incorporate a company, create a trust or form a partnership through which you carry on your business, you may be entitled to claim a deduction for those costs over five years. |
| Capital allowances - plant and equipment depreciation |
| You may be able to claim a deduction for the decline in value (depreciation) of your plant and equipment. You claim a deduction for part of the value of the asset in each year of its effective life - the length of time you expect to use the asset for business purposes. |
| Capital allowances: low-cost assets - sampling rule for large business |
| Provides information on the sampling rule which allows a business to select a sample of business purchases to help estimate possible deductions. Information includes how the rule works, and who can use it. (NAT 9850) |
| Capital allowances: low-cost assets - sampling rule for small business |
| The Sampling Rule is available to businesses that have a low-value pool. Some businesses can claim an immediate deduction for expenditure on assets costing less than $1,000 and would not use this rule. |
| Capital allowances: low-cost assets - threshold rule for large business |
| Contains information on the threshold rule for large business. Information includes an explanation of what the threshold rule is, how it works, and the record keeping requirements. An example scenario is also included to demonstrate key points. |
| Capital allowances: low-cost assets - threshold rule for small business |
| The threshold rule is available to businesses that are not using the small business entity simplified depreciation rules. Under the simplified depreciation rules, businesses can claim an immediate deduction for most depreciating assets costing less than $1,000. |
| Carbon sink forests |
| Information about claiming a deduction for expenditure that you incur for the establishment of trees in a carbon sink forest under Subdivision 40-J of the Income Tax Assessment Act 1997 (ITAA 1997). |
| Charter boat industry |
| A boat hire activity must amount to the carrying on of a business to claim any deductions for that boat. |
| Credit card payment fee deductibility guidelines |
| Guidelines for when the card payment fee associated with paying a tax liability by credit or charge card can be claimed as a deduction. |
| Decline in value calculator |
| Provides reports of decline in value calculations. This includes disposal calculations, and comparisons between the prime cost and diminishing value methods of calculating deductions for decline in value. |
| Expenses related to your home work area |
| If you run all or some of your business from home, you may be able to claim things such as rent, rates, insurance and utilities, depending on how your business and your home are set up. |
| Family trust elections (FTEs) and interposed entity elections (IEEs) - lodgment opportunity - Commissioner's announcement 15 April 2004 - question and answers |
| Provides questions and answers around PS LA 2004/1 (GA) - a one-off lodgment opportunity for family entities to lodge FTEs and IEEs for earlier years with the 2004 tax return. |
| Family trust elections (FTEs) and Interposed entity elections (IEEs) - Question and answers |
| Provides questions and answers around the trust loss measures, FTEs and IEEs, company loss tracing and franking credit trading measures. |
| Family Trusts - details of amendments |
| Outlines the amendments to the law as enacted on 24 September 2007 in the Tax Laws Amendment (2007 Measures No. 4) Act 2007 which apply to income years starting on or after 1 July 2007. |
| Farm management deposits scheme |
| The farm management deposits (FMD) scheme commenced on 2 January 1999, and replaced the income equalisation deposits scheme. The scheme's legislative provisions are in Division 393 of the Income Tax Assessment Act 1997. (NAT 8776) |
| Flowchart: prepayment rules for years of income starting after 30 June 2001 |
| Graphical flowchart for prepayments. |
| Frequently Asked Questions on Service Entity Arrangements |
| Information guide to tax agents and tax payers on service entity arrangements. |
| Guide to depreciating assets 2011-12 |
| If you use a capital asset, such as a car or machinery, in earning your income, you may be able to claim a deduction for the cost of that asset, spread over its effective life. NAT 1996-6.2012. |
| Home office expenses calculator |
| This calculator will help you work out the deduction you can claim where a home office is used for income producing purposes. This calculator is available for the 2009-10, 2010-11 and 2011-12 income years. |
| Income and deductions for small business |
| How to calculate assessable income and allowable deductions, and lodge a tax return. (NAT 10710) |
| Income from illegal activities: losses and outgoings |
| You cannot claim an income tax deduction for income earned through illegal activity. Also you cannot claim capital losses or reduced capital gains. |
| Keeping good records |
| It's important that you set up a good record-keeping system. You must keep all records of your business transactions for at least five years. |
| Losses |
| You may be able to offset a loss against other income you earn, or carry the loss forward to offset future income. |
| Motor vehicle expenses |
| Most people use one or more vehicles in their business. How you claim motor vehicle expenses differs significantly, depending on whether you operate your business as a company or trust, or as a sole trader or partnership. |
| Non-business boating activities: overview |
| Information for taxpayers who derive income from their boats. Deductions can be claimed to the extent that deductions are incurred from boating activities even though you cannot demonstrate that you are carrying on a boating business. |
| Non-commercial losses: deferral of losses |
| If you are not able to deduct your business activity loss in the current year because of the non-commercial loss rules, you will need to defer your loss for use in a later year. Information current from 2009-10 onwards. |
| One-off opportunity under Practice Statement PS LA 2004/1 (GA) for trusts required to furnish an income tax return |
| Declaration and Request form where trust is lodging an income tax return for the year ended 30th June 2004 |
| Prepaid expenses - individual taxpayers with deductible non-business expenditure - fact sheet |
| If you are an individual taxpayer who is not in business you may be entitled to an immediate deduction for prepaid non-business expenses under a '12-month' rule. |
| Prepaid expenses - investments in tax shelter arrangements - fact sheet |
| If you choose to enter a tax shelter arrangement the tax shelter rules may apply to limit your immediate deductions. (NAT 04513-05.2003) |
| Prepaid expenses - taxpayers carrying on a business, other than small business entity taxpayers |
| Your deduction for prepaid business expenses is spread over the eligible service period. Transitional rules may also apply when working out the amount of your deduction. |
| Prepaid expenses - taxpayers, other than individuals or simplified tax system taxpayers, incurring deductible non-business expenditure |
| Your deduction for prepaid non-business expenses is spread over the eligible service period. Transitional rules may also apply when working out the amount of your deduction. |
| Record Keeping Evaluation Tool |
| Advice about business records you need to keep, and how well you keep them. |
| Repairs, maintenance and replacement expenses |
| Outlines what you can claim a deduction for when repairing, maintaining and replacing. Also explains what is not covered by this deduction type. |
| Salary, wages and super |
| You can generally claim a deduction for super contributions for yourself (if you are self-employed) or for your employees. You can only claim a deduction for salary and wages if you operate your business as a company or trust. |
| Tax withheld calculator |
| If you are an employer or another withholding payer, the TWC helps you work out the tax you need to withhold from payments you make to employees and other workers. |
| Tax-related expenses |
| You may be eligible to claim a deduction for things such as having a bookkeeper prepare your business records and activity statements. |
| Uniform capital allowance system: calculating the decline in value of a depreciating asset |
| Provides information on calculating the decline in value of a depreciating asset. It includes information on when a depreciating asset starts to decline in value, and how to make your own estimate of a depreciating asset's effective life. |
| Uniform capital allowance system: depreciating assets (decline in value) |
| You may be able to claim a deduction for the decline in value of your depreciating assets. A depreciating asset is an asset that has a limited effective life and can reasonably be expected to decline in value over the time it is used. |
| What can you claim and how to claim |
| You can claim deductions for most expenses you incur in running your business. As a general rule, you can claim your day-to-day business operating expenses in full in the year you incur them, while capital items - such as buying plant and equipment - are claimed over a number of years. |
| Work related car expenses calculator |
| This calculator will help you work out all four methods of work related car expenses. |
| Your service entity arrangements |
| Helps you ensure your business is claiming only deductible service fees and charges for your service entity arrangements. (NAT 13086) |