Is this Michael’s favourite time of the year?
It’s been a huge month for Watersedge Accounting! With Krystle and Michael away (yes, Fiji was amazing!), the office has steadily built in activity leading up to the busiest time of the year for us: Tax Time!
This month we have features on the changes to crowdfunding, plus about changes to tax deductions for travelling to and from investment properties plus information about tax relief for business changing structures.
We’d love to hear your feedback; don’t hesitate to drop us an email or head over to our Facebook to leave a review.
Thanks in advance,
Michael, Krystle and the Watersedge Team
Crowdfunding uses internet based platforms and other forms of social media to raise funds for projects or business ventures. These new rules bring crowdfunding under the Corporations Act while attempting to avoid onerous regulatory commitments that will stifle the flow of funds.
The days of writing-off the costs of travel to and from your residential investment property are about to end. From 1 July 2017, the Government intends to abolish deductions for travel expenses related to inspecting, maintaining, or collecting rent for a residential rental property.
It is common for a business to outgrow its business structure. if your business genuinely needs to move from one structure to another for commercial reasons, you can do this without triggering a tax bill if certain conditions are met. Contact Michael to organise a time to discuss changes to your business structure.