If you are a small business, then you will be eligible for the $30,000 immediate asset write off for depreciate asset from 2 April 2019 to 30 June 2020. The conditions to meet is that you are a small business, the income must be below 10million, and the depreciate asset must be ready to install b 730pm on 2 April 2019.
This would mean that if you buy depreciate asset of $30,000 you can immediately deduct the cost as depreciation.
Recently we had helped one of our client to get a refund of excess of $125,000 from the Australian Taxation Office, she had sold her property, and she is a non tax resident, and did not get the clearance certificate, hence when she sold her property, she was withheld 130,000, and we then gathered all of the evidences, and maximize all of the capital cost, and reduce the capital gains tax to below 10,000, and in order to ensure the lower tax audit compliance risk, we prepared the private ruling, and sent to the Commissioner of Australian Taxation Office, and after a few weeks, ATO examined the result, and gave us the confirmation of the capital gain tax position of lower 10,000, we then submitted the tax return, however, once the return is lodged, the refund is stopped, and someone behind the ATO looks at it, but we don’t have any information, the fact that we did the private ruling means that the assessor was able to talk to the person, and find out exactly what happened, and then provided all of the previous data, and then the refund was processed, and the large tax refund was then issued to the client.
The client is so happy about it.
If you are planning to sell your house, why don’t you talk to us, and we can help you to lower the tax position of capital gains tax.