Holiday Home Deductions: What you need to know.

December 6, 2023
Holiday Home Deductions’ What you need to know. | ATO | Accountant | Bayswater

Unlocking the Secrets of Deductions: A Holiday Home Owners’ Essential Checklist It’s essential for property owners to understand the intricacies of deductions associated with their cherished holiday retreats. However, as the holiday season approaches, they may find that their holiday retreats become a valuable source of income. To ensure you make the most of your …

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Claiming Motor Vehicle Expenses On Your Tax Return

November 14, 2023
Claiming Motor Vehicle Expenses On Your Tax Return | Accountants Bayswater | TAS

Claiming Vehicle Expenses As a business owner, one of the perks is the ability to claim tax deductions for expenses related to motor vehicles used in your business operations. This includes cars and certain other vehicles that play a role in running your business smoothly. The good news is that claiming motor vehicle expenses can …

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Property Depreciation

November 10, 2023
Property Depreciation | ATO | Accountant | Bayswater

Property Depreciation as a Tax Deduction A property’s depreciation is the natural wear and tear that occurs over time to its assets. Depreciation can be claimed as a tax deduction by owners of income-producing properties. Tax deductions for depreciation can be claimed for up to forty years, making it the second largest tax deduction available …

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Why Are My “Connections” Important To Know During Tax Season?

October 27, 2023

Entities Connected to You In the realm of tax law, a critical concept revolves around understanding the notion of “entities connected with you.” This concept serves as a linchpin in several aspects of taxation, from determining one’s status as a Small Business Entity to ascertaining the value of assets when seeking eligibility for Small Business …

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Providing Affordable Housing? You Could Be Eligible For A CGT Discount

October 25, 2023

Tax Audits An additional 10% capital gains tax (CGT) discount may be available when you sell an Australian residential rental property that you used to provide affordable housing. This will increase the potential maximum capital gains discount percentage on your sale from 50% to 60%. What Is Affordable Housing? For the affordable housing CGT discount …

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Would You be a Target of a Tax Audit?

October 12, 2023
Tax Audits | ATO | Accountant | Bayswater

Tax Audits Although tax audits have traditionally been targeted at the wealthy and big businesses, this has changed in recent years. ATO and other government agencies are increasingly focusing on small to medium businesses and individuals, especially those who own rental properties, operate trusts, and/or have Self Managed Super Funds. If the tax office calls, …

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When is My BAS Due?

September 28, 2023
BAS Due Dates | Accountant | Bayswater

BAS Due Dates The number one question we receive from clients is when to file my BAS (business activity statement)? To help you understand your BAS obligations and how to lodge, we have created this resource. By adhering to these guidelines, you can confidently meet the requirements set forth by the Australian Taxation Office, accurately …

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The Tax Implications Of The Sharing Economy

September 25, 2023
The Tax Implications Of The Sharing Economy | Accountants Bayswater | TAS

The Tax Implications Of The Sharing Economy: What You Need To Know In Australia, any income earned by a job may be considered taxable income. Those who receive their income via the sharing economy are no exception to the rule. In fact, there can be further complications that result from incorrect understandings of how the …

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Deductions for Car Related Expenses

August 4, 2023
Deductions for Car Related Expenses | Accountants Bayswater | TAS

Car Related Tax Deductions If you use your car for work, you can claim the costs associated with this – but only if you own the car you use. It is not possible for you to claim anything if your car is owned by your employer or part of your salary package. If you do …

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Tax Hot Spots

August 3, 2023
Tax Hot Spots | Accountants Bayswater | TAS

ATO Hot Spot Focus The ATO focuses every year on certain hotspots where taxpayers are prone to making mistakes – either accidentally or deliberately. What is expected to be on the ATO’s list this year? There are two main areas they will examine; work-related expenses and claims made by investment property owners. There is a …

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Why is my 2023 tax refund so low?

July 28, 2023
Why is my 2023 tax refund so low? | Accountants Bayswater | TAS

2023 Tax Return This year, things have changed and many people will receive much lower refunds than they did last year. Those who are affected by this change may be interested in knowing some of the reasons and what they can do to change it. It is possible for tax rules to change from year …

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Tax Tips For Independent Support Workers (NDIS)

July 4, 2023

NDIS Workers and Tax As an independent support worker, you are operating your own business. That means you’re your own boss, which is wonderful, but it also means managing your tax and financial obligations.  It’s not the most exciting thing to do, but it’s important to stay on top of it. As a disability support …

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