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Question Cashflow Boost- Hi there, A new client of mine has been trading for many years under a company. I noticed that the company did not receive the Cashflow Boost ( they did get Jobkeeper for some periods) The reason for not receiving the cashflow boost seems to be: The quarterly BAS returns for September …
Question Hi We have recently restructured the business from a sole trader to a company (shareholder of new company is a discretionary trust) I had a question in relation to the motor vehicles currently owned under the sole trader. It appears that the roll over relief will not be available as the ultimate economic owner …
Question Hi there, I hope this question is appropriate. We have a construction company. The income is Personal services income and doesn’t pass any of the tests. The company bought a Toyota Hilux double cab recently for the business. My question is as follows: Is this company entitled to claim the instant asset write on …
Question I have several questions regarding how Capital Gains Tax would apply to a transfer of title of a residential property to one of my children. Background: In 1981, I purchased a residential property in Sydney and I was registered as the sole proprietor. From the date of purchase, my wife and I occupied the …
Question Facts * I setup a Trust and Corporate Trustee for our family back in 2009 shortly after our first son was born. * My wife and I are the (only) two directors of the Corporate Trustee. * I’ve not had any updates made to the Trust Deed since. * We made two—highly speculative, illiquid—private …
Question Balancing Adjustment: Motor Vehicles Extract from ATO:“If you cease to hold or use a depreciating asset, a balancing adjustment event may occur. If there is a balancing adjustment event, you need to calculate a balancing adjustment amount to include in your assessable income or to claim as a deduction. A balancing adjustment event occurs …
