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Small business: Low-cost assets and the threshold rule
Posted by Team AVS on 25 Nov, 2019 0 CommentsThere is a rule in the tax law that allows a business that doesn’t use simplified depreciation to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets.
Known as the threshold rule, this can help small business owners save time as well, because you don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital nature (generally written-off over time).
Employers may have heard about certain fringe benefits that, while still subject to the tax, do not have the same reporting burden as other benefits. There can be consequential or flow-on affects from this exemption from reporting, such as the influence this can have on adjusted taxable income.
Employers are not required to allocate the following excluded benefits to employees or report them on income statements (payment summaries).
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Employers are not required to allocate the following excluded benefits to employees or report them on income statements (payment summaries).
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