Tax
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 …
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, …
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 …
Employer Superannuation Obligations While the hustle and bustle of operating and managing a business can occupy your mind, it’s important not to forget your superannuation obligations to your employees. Those who fail to meet their super obligations risk facing severe and even damaging liabilities, penalties and even potential imprisonment. Are you aware of your obligations? …
Investment Properties and Tax Deductions The interest you pay on a loan to buy an investment property can be deducted from your income This means that, if you borrow against your main residence to buy an investment property, the interest from that loan is tax-deductible. Conversely, if you borrow money against your investment property to …
Superannuation and Bankruptcy – What You Need To Know Have you ever wondered what happens to superannuation in bankruptcy situations? Bankruptcy is a legal process that can be commenced when you are declared unable to pay your debts. It is a process that can release you from most debts, provide relief and allow you to …
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 …
MyGov / ATO When it comes to managing your obligations as a business owner, connecting your myGov account with the ATO and Online Services for Business (formerly the “ATO Business Portal”) makes life much easier. Our clients should always set up the following online accounts. As a result, you and your tax agent always have …
Superannuation – What You Need To Know In some circumstances, superannuation contributions can be claimed on your tax return if they are made to a super fund or retirement savings account. However, these circumstances are limited and may require professional advice to maximise the benefits. Superannuation contributions that are paid by your employers directly to …
NDIS Workers and GST Are you working as an NDIS Support Worker? You may need to register for GST sometimes as it is not always NDIS GST Free. We they cover the GST obligations for employees, subcontractors through agencies, and sole traders managing their clients. NDIS is GST-free, right? In general, NDIS contracts are GST-free. …
Student Debt: HECS & HELP Many are concerned about what a 7.1% interest rate increase for balloon HECS & HELP loans this July could mean for their student loan balances. HELP debts are indexed annually to maintain their real value by adjusting them in line with changes in the cost of living as measured by …
ATO: Holiday Home Claims The Australian Taxation Office is warning those with holiday homes to be wary of what they claim (and specifically when for) regarding their properties this year. You may need to be prepared to answer questions such as: How many days was it rented out, and was the rent in line with …
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