Capital gains tax (CGT) generally applies to CGT events that happen to CGT assets acquired after 19 September 1985. CGT is not a separate tax, it forms part of income tax. CGT events The most common CGT event is the disposal of an asset by selling it or giving it away. A full list of CGT events is […]

Deductions for the decline in value of depreciating assets are available under the Uniform capital allowance (UCA) system. In addition to the rules for depreciating assets, deductions are allowed for certain other capital expenditure. Small business entities have the option of choosing simplified depreciation rules. Land, trading stock and most intangible assets (excluding exceptions such as intellectual […]

Businesses use activity statements to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding and fringe benefits tax. Non-business individuals who need to pay quarterly PAYG instalments also use activity statements. Activity statements are personalised to each business or individual to support reporting against identified obligations. […]

The Australian business number (ABN) is a single business identifier that allows businesses to deal with the Australian Taxation Office (ATO) and other government departments and agencies with one identifier. An ABN is not compulsory and not everyone is entitled to an ABN. The following entities will need an ABN to comply with other tax obligations: Businesses with […]

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We thought the following information on various tax issues would be useful to you. Personal circumstances always vary, so please ensure you contact us for specific advice. Activity Statement Australian Business Number Capital Allowances Capital Gains Tax