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After waiting for what seems like an eternity, the government has finally put to Parliament its draft legislation around two of its schemes.

Have you or someone you know considered taking up ride-sharing (also called ride-sourcing) to earn extra income, or even as an alternative form of employment?

A business becomes liable for car parking fringe tax where it provides parking for more than four hours on its premises to its employees, and is situated within one kilometre of a commercial car park where the minimum all day cost is more than the current parking fringe benefit threshold ($8.66 a day for the 2017-18 FBT year).

“I have an image in my mind: a pair of eyes, of my grandma, looking at me full of hope.” His family back in China, himself working in Switzerland, Tesla He believed in the power of virtual reality and augmented reality technologies to help bring people closer together. Tesla grew up in China with the top education record from Elementary school to University. He came to Switzerland, and enrolled in a Master of Finance program in HEC Lausanne. His grade of the first semester broke the record of the past two years. As a result, he was offered to enter a PhD program directly. Tesla wanted to deliver an impact in industry. Therefore, he gave up this academic opportunity, and took a financial manager position at Nestlé. After two years of valuable experience there, he joined a start-up as a key partner. Together with the founding team, they grew the start-up from scratch to raiding CGF 35 millions. This experience helped him to realise that he enjoys delivering impacts. Now, with his team, they are developing a way to send virtual postcards that allow people to share immersive feelings.

Historically, taxpayers may have been able to claim a deduction for the costs associated with setting up a business or raising finance, including the costs incurred in: establishing a company or other business structure converting a business structure to a different structure raising equity for the business defending it against a takeover stopping carrying on…

Interest can be claimed for the cost of funds borrowed to purchase a rental property and to meet maintenance costs or running expenses while the rental property is being let (or is available to be let) under a commercial arrangement to generate assessable income.

When a life insurance policy has been held by a taxpayer for 10 years or longer, reversionary bonuses received on that policy are generally tax-free. For policies held for less than 10 years, stipulated amounts are included in the taxpayer’s assessable income, and a tax offset is available.

The CGT relief concessions that are available to small businesses can be very generous. However they can also be complex and confusing, so knowing a few of the finer details can go a long way to ensuring your small business can take best advantage of them.

Christmas will be here before we know it, and the well-prepared business owner knows that a little tax planning can help make sure there are no unforeseen tax problems.

Business owners of private companies often borrow money from their own companies for all sorts of reasons. However, there is an area of the tax law that seeks to sanction against situations in which private companies dole out money to those within a business, in a form other than salary or dividends, that needs to be understood by business owners. This is known as Division 7A.