Currently, some professional
costs associated with commencing a new business (i.e., black hole expenditure)
are deducted over a five-year period under S.40-880 of the ITAA 1997.
From 1 July 2015, the government will allow businesses to claim an immediate write-off for a range of professional expenses associated with starting a new business, such as professional, legal and accounting advice.
- Overtime Meal Allowance Amounts
- Cents per km deduction rate for motor vehicle expenses
- The 'sharing economy' in the ATO's sights
- Tax time is prime time for scams
- ATO warns about iTunes scammers
- ATO reminder about 30 June SuperStream deadline
- New Simpler BAS on the way
- ATO's continuing focus on trust property developers
- SMSFs and Collectables – last opportunity to comply!
- Contractor payments data matching program