Perks- Focussed, Client-driven Accounting & Financial Services Firm in South Australia & Northern Territory

Budget 2008-09: Business Establishment Costs

10.09.08

In two separate but related Interpretative Decisions, the Tax Office states the deductibility of business establishment costs for a proposed business to be carried on.

Generally, a taxpayer is entitled to a deduction for capital expenditure incurred for a business proposed to be carried on.

The deductible of the expenditure depends on the facts of each case and requires the taxpayer to reasonably conclude that the proposed business would commence within a reasonable time.

Tax Office Eyes Overdue Tax Lodgments
The Tax Office is eyeing companies, trusts, partnerships and individual taxpayers which have overdue income tax returns.

Tax Scams On Tax Office Radar
The Tax Office has recently highlighted the emergence of new tax schemes, warning taxpayers to be vigilant.

Education Tax Refund - Claims Check
The Tax Office will be data-matching with Centrelink to identify recipients who may be incorrectly claiming the education tax refund.

"Perks have provided me with excellent advice regarding the management of my company.” Warren Rogers

"Perks is more than just our accountants. They’re genuinely our business partner and advisors.” Jenny Sherman

“The proactive nature and forward thinking of the team at Perks has made us stop and think." Neil and Andrew Pike

"Perks has always swiftly responded and seamlessly fallen into stride with us to explore opportunities.” John Kain

"Perks has been our accountants, financial and business advisors for over two decades – critical at every stage of our business journey. " Greg Ennis

"Their detailed understanding of the process...and hands-on approach all combined to achieve an excellent result." Chris Day