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Deferring Assessable Income

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  • Income received in advance of services being provided is, generally, not assessable until the services are provided.
  • Taxpayers who provide professional services may consider, in consultation with their clients, rendering accounts after 30 June in order to defer the income.
  • A taxpayer is required to calculate the balancing adjustment amount resulting from the disposal of a depreciating asset. If the
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Tax Planning – Take Advantage

15There are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable incomes. Taxpayers should be aware that in order to maximise these opportunities, they need to start the year-end tax planning process early. Of course, those undertaking tax planning should be aware of the potential application of Read More

Maximising Your Deductions

Business Meeting NotesBusiness taxpayers

  • Taxpayers should review all outstanding debts prior to year-end to determine whether there are any debtors who may be unable to pay their bills. Once a taxpayer has done everything in their power to seek repayment of the debt, the taxpayer could consider writing off the balance as bad debt.
  • The entitlement of corporate tax entities to deductions
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South Carolina running back Marcus Lattimore

Ezekiel Elliott Ineligible For NFL Draft

Odds are, the college career of star Ohio State running back Ezekiel Elliott will never get better. Elliott just turned in one of the all time great performances in title game history, in any sport, college or pro: against Oregon in Monday night inaugural College Football Playoff national championship, a 42 20 Buckeyes victory, Read More