An allowance for necessary travel made by employees is written into the tax law, which we run an eye over in this issue. But as there are two concessions for travel - the "living away from home" and the "travel" allowances - frequently both employers and employees confuse which is applicable. We spell out the differences.
If you are sick of your business's high electricity bills, and have thought of the option of solar panels, you may also be able to take comfort from not only reduced energy bills but helpful tax outcomes for your operating expenditure.
We also examine the web-based accommodation networking service Airbnb, which from a tax treatment point of view is one out of the box as there is no specific legislation that exactly covers the Airbnb business model.
There is also a warning about a renewed Tax Office focus on income splitting within professional firms, and a timely reminder about a looming deadline for an amnesty on disclosing certain assets.
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Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.