Oppo Camp Non-Eagles Discussion

[DanWCE]

If by “big deduction” and you’re referring to temporary full expensing, that’s really only a timing difference which brings capital allowance (depreciation) claims forward. And it’s over now, although still opportunities for small businesses.

Helps out, sure but it all catches up with you at some point. I.e. in the subsequent years where there’s no additional claim for capital allowances, or when you sell the equipment (separately or along with the business) and there’s no written down value to apply against the proceeds and you’re paying tax on the whole amount.

If by “big deduction” you’re talking interest on finance to buy the business you’re still pouring money out and the tax benefit is a fraction of the dollar.

There’s also no way Simmo would have structured the businesses as a sole trader setup, so deductions wouldn’t have reduced his salary.

Also legit costs are fair to claim and are available to all of us!

(Sorry)

You sound like the sort of person with some creative ideas to get me a tax break after being paid out my LSL and jumping up a tax bracket

 

[Wild Kelly]

First right of refusal on the most promising start ups.

Start up is quite a big investment as well so it's a major tax deduction the first couple of years until they are up and running.

I thought he bought the Canning Bridge and South Perth / Vic Park(canning H'way) outlets.....