The Tax Office has found that there are some landlords who may not be entirely sure about whether they are correctly claiming their property rental deductions. In particular, it has found that many property investors are making simple mistakes that could be avoided with little guidance.
There are some expenses that you will need to you […]
The ATO has advised that it is continuing its ongoing “Real property transactions 1985-2017 data matching program protocol”
It is undertaking this program to basically ensure that taxpayers are correctly meeting taxation obligations in relation to their dealings with real property, i.e., CGT on property sales and income tax on rental income.
For the period 20 September […]
The Government has extended the FBT exemption with respect to eligible work-related items that are provided by small business entity employers to their employees. These changes apply from 1 April 2016 (i.e. from the commencement of the 2017 FBT year).
Under the changes, small business entity (‘SBE”) employers will not be limited to providing one eligible […]
The ATO has reminded tax practitioners that from 1 July 2015, car expense deductions for individuals were simplified.
Prior to 1 July 2015, there were four methods for claiming car expenses:
Cents per kilometre – capped at 5,000 kms
Logbook – unlimited kms
12% original value
One- third of actual expenses.
To simplify the rules, from 1 […]
Some common questions people often ask themselves about whether you should use an accountant to help with your tax return:
How complicated is your tax return likely to be?
Are you prepared to take full responsibility for your tax return?
Would it be cost and time efficient to hire an accountant?
We offer an obligation free […]