Tax Questions Answered

This advice is general in nature and should not be acted upon without first obtaining professional advice on your particular circumstances.Please note that the answers, to other people’s questions, that you see here, are very specific their question. You cannot rely on them for your particular circumstances. Further, if you do askbantacs, before you act on your answer, you need to run it past your Accountant, who will understand the wider implications to your particular situation.

Category «Small Business»

Questions about how a Trust Operates

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 …

Depreciation and changing a vehicle from business to private use

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 …

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