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- Controversial super change scrapped At the time of writing, the new Parliament released the first batch of proposed changes to the superannuation regime, and among these was the announcement that the proposed $500,000 lifetime non-concessional cap is to be scrapped. Recall that these measures were previously announced in the Federal Budget earlier this year before the election. More….. 5.10.2016 | Read more
- Foreign Resident CGT Withholding Capital Gains Tax Withholding applied from 1 July 2016 where taxable real Australian property with a market value greater than $2,000,000 (excluding GST) is disposed of. This is targeted at non-resident vendors; however, it applies to all vendors regardless of their tax residency status. The default position of the legislation is that all vendors are... Read more » 22.09.2016 | Read more
- What types of legal expenses are allowable as tax deductions? When a legal expense is incurred in relation to the operation of a business for the purpose of producing assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another section of income tax legislation, or is... Read more » 7.09.2016 | Read more
- 5 smart things to do with your tax refund For many people, their tax refund is treated like a mini lottery win. This tax time, consider putting your “gift” from the ATO to good use and silencing the part of you that wants to fritter it away on things that expire. More…. 10.08.2016 | Read more
- Charge Rates for Trade If you’re a tradesperson, one of the difficult tasks is regularly reviewing your charge out rates for employees and the management personnel within the business, to achieve a targeted profitability figure. Setting charge out rates is difficult. You have to be careful that don’t under-price as this would reduce profits. Whilst at the same time,... Read more » 14.07.2016 | Read more
- Maximise your claim: Overlooked property deductions for investors Many investment property owners may be missing out on valuable property depreciation entitlements, simply by not being up-to-speed on what is and is not depreciable. Examples of assets that could qualify for tax deductions may surprise many taxpayers, and can even include items such as kids’ cubby houses or garden gnomes which form part of... Read more » 14.07.2016 | Read more
- Amending your activity statement Once we have lodged your latest activity statement, you may realise that something has been left out or you neglected to include a particular item. The Australian tax system is based on “self assessment”, which means the ATO generally takes your word, under our guidance, and bases its assessment on the information it has been... Read more » 4.05.2016 | Read more
- Victim of identity theft? The taxman can help Such is the very real threat nowadays of identity theft that the ATO has set up a Client Identity Support Centre (find it here) to help taxpayers who have had their identities stolen or misused. The ATO says it will give every assistance it can, and will provide information and advice to help people re-establish... Read more » 15.04.2016 | Read more
- Innovation – Don’t accept the status quo! The government is encouraging businesses to look very closely at innovation strategies within business operations. One of the key concepts for successful innovation is for all team members not to accept the status quo. Just because something is being done a particular way for a number of years doesn’t mean that it’s the correct way.... Read more » 17.03.2016 | Read more
- Rental properties: ATO focus on “initial repairs” The ATO is focusing on claims that investment property owners make for repairs to rental residences that it deems to in fact be “improvements”. The scenario where investment properties have work done on them often happens shortly after the property is purchased, and has led to the term “initial repair” being commonly used when discussing... Read more » 3.03.2016 | Read more