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Since 1995 rules had allowed high-salaried individuals to get a laptop computer almost for nothing by purchasing such equipment via salary packaging. As the equipment was exempt from FBT, the employee would buy the equipment by salary sacrifice thereby reducing their income, a saving of up to 46.5% in tax.
Income tax is collected on behalf of the federal government by the Australian Taxation Office. The two statutes under which income tax is calculated are the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997; the former is gradually being re-written into the latter. Taxable income is the difference between assessable income ...
Accelerated depreciation removed in 1999 34% 2000–2001 Refundable imputation credits introduced in 2000 30% 2001–2017 27.5% (small business) 30% 2017– Businesses with less than A$ 25 million annual turnover and where 80% or less of their revenue is passive income are taxed at the lower rate [16]
An asset depreciation at 15% per year over 20 years. In accountancy, depreciation is a term that refers to two aspects of the same concept: first, an actual reduction in the fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wears, and second, the allocation in accounting statements of the original cost of the assets to periods in which the ...
Furniture, fixtures, and equipment (or FF&E) (sometimes Furniture, furnishings, and equipment [1] [2]) is an accounting term used in valuing, selling, or liquidating a company or a building.
The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system , superannuation legislation, and other associated matters.
A capital gains tax (CGT) was introduced in Australia on 20 September 1985, one of a number of tax reforms by the Hawke/Keating government. The CGT applied only to assets acquired on or after that date, with gains (or losses) on assets owned on that date, called pre-CGT assets, not being subject to the CGT.
Depreciation is a corresponding concept for tangible assets. Methodologies for allocating amortization to each accounting period are generally the same as those for depreciation. However, many intangible assets such as goodwill or certain brands may be deemed to have an indefinite useful life and are therefore not subject to amortization ...