Interest expenses on money borrowed to buy business assets can be deductible. However there are also circumstances, allowed under tax law, where deductions are still available after the relevant asset is disposed of. We run over the details.
We also look at the “work test” required for super contributions to be made for those over the age of 65. In this issue of your newsletter we also deal with tax and franchising, the basics of testamentary trusts, and have a quick quiz (with answers) on business deductions.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.