Are legal expenses tax deductible for a start-up?

From 1 July 2015, a newly incorporated company, trust or partnership can immediately deduct a range of professional expenses associated with starting a new business, such as professional, legal and accounting advice.  This change was introduced by the Tax Laws Amendment (Small Business Measures No. 3) Act 2015 (Cth) which amended the Income Tax Assessment Act 1997 (Cth) (ITAA97) and received Royal Assent on 26 August 2015. [Read more…]

Trust restructures – relief from capital gains tax

Capital gains tax (CGT) is applied to and calculated on the realisation of “capital gains”.  If a business wants to transition from a Unit Trust to a company structure (for example) and the value of the Units in the Trust has increased then it’s likely that the sale or transfer of the Units will result in a capital gain by the Unitholder.  In circumstances where the Unitholder may not have actually received any cash to pay the capital gains tax, surely there must be an exception? [Read more…]

Superannuation changes: Are you ready?

The Australian Government initiated a series of changes in superannuation entitlements, the first of which came into force in July 2012.

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