All of the latest tax news, views and clues for August 2024.
This Alert addresses:
- Regulations coming for “buy now, pay later” market – A Bill currently before Parliament aims to extend the application of the Credit Code to BNPL contracts and establish low cost credit contracts as a new category of regulated credit.
- Deducting gifts and donations: getting it right at tax time – Not all gifts and donations are tax deductible, and special rules apply in some cases. Make sure you know the rules this tax time.
- Motor vehicle expenses: which method should my business use? – If your business owns or leases a vehicle that’s used for business purposes, it’s essential to keep proper records to ensure you’re entitled to the maximum deduction for your vehicle expenses.
- Time for a superannuation check-up – Your super could be one of the biggest assets you ever have – getting into the habit of checking in regularly can help you stay on top of it and make better choices for your future.
- New SMSF expense rules: what you need to know – New rules focus on “non-arm’s length general expenses” – services provided to your SMSF at below-market prices or for free – and the tax impact could be significant.