FAQs – Company
Frequently asked questions and answers on company.
Individual
FAQs – Business Name
Frequently asked questions and answers on business name.
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Effective Life – Property
Effective Life (YEARS) Home Packaged air conditioning units 15 Evaporative coolers – Fixed (excluding ducting and vents) 20 Evaporative coolers – Portable 10 Carpet 10 Floating timber 15 Electric heater 15 Gas Ducted central heating unit 20 Hot-water systems – Electric 12 Hot-water systems – Gas 12 Hot-water systems – Solar 15 Mirrors,
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Effective Life – Intangible assets
Asset Effective Life (YEARS) Standard patent 20 Innovation patent 8 Petty patent 6 Registered design 15 Copyright (except copyright in a film) The shorter of 25 years from when you acquire it or the period until the copyright ends A licence (except one relating to a copyright or in-house software) The term of the licence
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Effective Life – Office equipments
Effective Life (YEARS) Computers and computer equipment: Computer monitors 4 Desktop computers (including personal computers) 4 Mobile/portable computers (including laptops, tablets) 2 Network equipment (including hubs, modems routers, switches, etc) 5 Servers 4 Camera lenses 5 Mobile phones 3 Telephone systems (including analogue and digital telephone systems, PABX/PBX systems, key/commander systems, VoIP systems
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Individual Income Tax Rates
Individual income tax rate for resident and non resident in 2019-20 financial year.
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Travel Expenses
Travel expenses include: Transport expenses are deductible when you travel in the course of performing your duties. This includes the cost of driving your car, flying, catching a train, taxi or bus.Accommodation, meals and incidental expenses are deductible when you travel in the course of performing your duties AND are required to be away from
Gifts and Donations
When can I claim? You can claim a deduction for a donation you make to an organisation if the donation meets four conditions: You make it to a deductible gift recipient (DGR) It must truly be a donation. A donation is a voluntary transfer of money or property where you receive no material benefit or
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Clothing and Laundry
You can claim a deduction for the cost of buying and cleaning occupation-specific clothing, protective clothing and unique, distinctive uniforms. To claim a deduction you may need to have written evidence that you purchased the clothing and diary records or written evidence of your cleaning costs. Written evidence must be kept for a representative period
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