This year, the ATO is paying close attention to what people are claiming as ‘other’ work-related expense deductions, so it’s important when taxpayers claim these expenses that they have records to show: they spent the money themselves and were not reimbursed; the expense was directly related to earning their income; and […]
The ATO has recently advised that they are “setting their sights on the large number of mistakes, errors and false claims made by rental property owners who use their own property for personal holidays”. While it confirms that the private use of holiday homes by friends and family is entirely legitimate, the ATO states that […]
The ATO has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work related expenses. Assistant Commissioner Kath Anderson said: “We are particularly concerned about taxpayers claiming for things they are not entitled to, like private trips, trips they didn’t make, and […]
2018 Budget Update The Government handed down the 2018/19 Federal Budget on Tuesday 8th May 2018. Some of the important proposals include: The introduction of the ‘Low and Middle Income Tax Offset’, a temporary non-refundable tax offset of up to $530 p.a. to Australian resident low and middle income taxpayers for the 2019 to […]
The benchmark interest rate for 2017/18, for the purposes of the deemed dividend provisions of Div.7A, is 5.30%
From the 1 July 2017, all transactions involving the disposal of real property with a market value of or over $750,000, will need the consideration of whether a clearance certificate is required. Where a foreign resident disposes of Australian real property that has a market value of and over $750,000, the purchaser is required to withhold […]
Increasing attention is being placed on work-related expenses this tax year. The main message from the ATO was for taxpayers to remember to: n Declare all income; n Do not claim a deduction unless the money has actually been spent; n Do not claim a deduction for private expenses; and n Make sure that […]
Bill Shorten, The Leader of the Opposition, has announced that if Labor Government were to be elected, they will introduce a standard minimum 30% tax rate for discretionary trust distributions to 18 years and over. The ALP recognises that many individuals and businesses use trusts for legitimate reasons, for instances business succession and asset protection, […]
Since 1 July 2016, where a foreign resident has disposed of real estate located in Australia, the purchaser has had to withhold 10% of the purchase price upon settlement and remit this amount to the ATO, where the market value of the property was $2,000,000 or greater. As a result of another 2017/18 Budget Night […]
In the 2017/18 Federal Budget handed down on 9 May 2017, the Federal Government announced that it intended to extend the ability of Small Business Entity (or ‘SBE’) taxpayers to claim an outright deduction for depreciating assets costing less than $20,000 until 30 June 2018. This Budget Night announcement has now been passed into law. […]