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If you’re in the business of property, you can claim a range of work-related deduction that are no longer available to regular property investors. The ATO has some grey areas when it comes to deciding whether someone is a property investor, or operating a rental property business.
Using a Self-Managed Super Fund to invest in property is a great way to unlock the true potential of your super and secure your dream retirement lifestyle. Although there are many advantages to this powerful investment strategy, there are also be some downsides to consider.
Fuel Tax Credits provide businesses with a credit for the Excise or Customs Duty included in the price of the fuel they use in their business activities This can be substantial source of income for many Australian businesses, but unfortunately a lot of you are missing out.
One of the most important factors many people overlook when buying and selling property is the Goods and Services Tax (GST). It can all feel overwhelmingly complicated when you’re not an expert in Tax Law – so let’s simplify things!
From 1 July 2018, if you have a total super balance of less than $500,000 on the previous 30 June and you make or receive concessional contributions (CCs) of less than the concessional contributions cap of $25,000 per annum, you may be able to accrue unused amounts for use in subsequent financial years.
The new financial year has arrived and the Australian Taxation Office has announced a stack of changes that impact tax leaving many people wondering just what this means for their returns.
To help navigate the confusion we’ve put together a list of the top changes and how to make them work for you.
By now, it shouldn’t come as a surprise the ATO focuses on certain hotspots at tax time to call out taxpayers who have either accidentally or deliberately made errors. To avoid falling into a trap, here’s what you need to look out for in two key areas: work-related expenses and claims for investment properties.
A special one-day sitting of Parliament has now approved the Coronavirus Economic Response Package (Payments and Benefits) Bill 2020, giving rise to the centrepiece of the government’s $214 billion economic stimulus package.
Find out more in this article.
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